1Q 2017 results reveal a good start of the year
1Q 2017 results reveal a good start of the year
The results show a good start of the year with construction EBITDA (driven by international activities and the Geotech acquisition) growing at 3x and concessions and water posting double-digit growth. Energy was undermined by lower generation and the AWP sale in 2Q16. Sales increased +15%, EBITDA +9%, EBIT -14% (but +15% excluding last year’s gains from disposals), PBT +38% and net group profit +22%.
NFD increased slightly, NFD/EBITDA was up from 4.3x in December 2016 to 4.5x, 2017 guidance is 4.3x.
Our Buy recommendation and target price of €88.30 are unchanged.
Acciona is the parent company of a construction group. Co. is engaged in general construction activities in the areas of civil engineering and buildings, including railways, marine and hydraulic works, motorways and airports, town planning, conduits, pavements, parking lots, and industrial and urban buildings. In addition, Co. is engaged in the provision of real estate services, the operation of parking lots, telecommunications, services, ecology and alternative means of energy. Co.'s operations are organized in six business divisions: Infrastructures, Real Estate, Energy, Water, Environmental & Urban Services and Logistic & Transport Services.
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.
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