Bankinter S.A. - Abertis (ABE SM) ABE: Good 2Q17 results

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Bankinter S.A.

Juan Moreno

EUR 100.00 For Business Accounts Only

ABE: Good 2Q17 results

Net profit was better than expected (+128.5% to €286.8Mn in 2Q17 vs. €136m expected), mainly due to the lower financial costs, zero impact from other financial results (vs. –€20Mn expected), and the €15Mn received from the Bolivian Government due to the expropriation of assets in 2013. Operating results were pretty much in line with our estimates (EBITDA +20.4%, to €949.4m in 2Q17).

NFD increased in 2Q17 to €15,984Mn from €14,994Mn in 1Q17, because of the acquisition of a 33.7% of Hispasat for €302Mn, a 22.5% of A4 Holding for €125Mn, and a c.22% of Sanef for more than €1,038Mn.

26/07/2017 3 EN

Underlying

Abertis

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Spain

Provider

Bankinter S.A.

Bankinter S.A. is a Spanish brokerage firm established in 1989. The company's line of business includes the provision of market research and trading services for Equity and Fixed Income products.

See profile

Analysts

Juan Moreno

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ABE: Good 2Q17 results

Reig Jofre: EBITDA maintains its growth in 1H20 (+40%) driven by sales (+25%) and cost efficiencies

Reig Jofre: EBITDA increased +43% in 1Q20 fuelled by sales (+26%) and a higher EBITDA margin

Reig Jofre: EBITDA (adj.) +17% in 2019 and guidance is 2x in a five-year plan

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