Bankinter S.A. - CAF (CAF) CAF: 1H17 results analysis

Report

Bankinter S.A.

Pedro Echeguren

EUR 100.00 For Business Accounts Only

CAF: 1H17 results analysis

CAF reported 1H17 sales of 756mn (+20%), driven by higher manufacturing, a positive. The EBITDA is €86mn (+33%) and the EBITDA margin advanced to 11.4% from 10.2% in 1H16. The EBIT is €68mn (+34%). The backlog increased by 1% yoy to €5,927mn but has declined –5% YTD.

CAF took a –€13mn forex loss on BRL debt and net interest costs increased +60% to –€43mn. As a consequence, the growth rate for the PBT is only +3% to €25mn. The net profit is €16mn (+8%) and compares poorly against a consensus estimate of €21mn or +41%.NFD/EBITDA LTM at 1.4x is not an issue

Market reading should be neutral. Our Buy recommendation and target price of €39.5 are unchanged

28/07/2017 4 EN

Underlying

CAF

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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

Pedro Echeguren

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Bankinter S.A.

CAF: 1H17e results preview

We expect first-half sales to increase by +16% to €730mn. This implies 2Q17e sales of €390mn, up from €340mn in 1Q17 as the increase in manufacturing seen in 1Q17 should continue in the second quarter. We continue to recommend to Buy. Our target price of €39.5 (a +4% potential) is unchanged.

EUR 100.00

July 24, 2017 July 24, 2017 4 EN

Bankinter S.A.

Excellent operating performance in 1Q 2017

Better than expected 1Q17 operating results, with an impressive +21% increase in sales from 1Q16 and +18% in EBITDA, beating our estimates and the consensus. EBIT (+21%) was also robust. This strong performance should continue in the next quarters. The orderbook declined slightly as new contract take up fell from €789mn in 1Q16 to €232mn in 1Q17, not enough to compensate work completed. This must not be seen as a negative as contracts won in 2016 ensure a strong manufacturing activity for at least the next three years. CAF can be selective when considering new bids to replenish its orderbook...

EUR 100.00

April 27, 2017 April 27, 2017 3 EN

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

Reig Jofre: EBITDA maintains its growth in 1H20 (+40%) driven by sales (+25%) and cost efficiencies Growth in sales and EBITDA fuelled by the COVID-19 effect and the Bioibérica acquisition The key features are organic growth of +10%, a higher EBITDA margin and the COVID-19 vaccine Valuation

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Pedro Echeguren

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

Growth in sales and EBITDA accelerated in 1Q20 fuelled by the COVID-19 effect The key features are organic growth of +10%, a higher EBITDA margin and lower capex Valuation

May 13, 2020 May 13, 2020 16 EN

Pedro Echeguren

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

Growth in sales and adjusted EBITDA accelerated in 2019 after a strong 4Q19 Higher margins coupled to lower capex in the coming years to boost free cash flow Valuation

March 12, 2020 March 12, 2020 16 EN

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CAF: 1H17 results analysis

CAF: 1H17e results preview

Excellent operating performance in 1Q 2017

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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