Bankinter S.A. - Obrascon Huarte Lain SA (OHL) 3Q17 Results

Report

Bankinter S.A.

Juan Moreno

3Q17 Results

Construction continues with its positive trend.

OHL reported an EBITDA of €257.0Mn, increasing by 38.3% YoY. Concessions’ EBITDA went up by 18.4% to €217.7Mn. Other activities entered into the positive territory with an EBITDA of €11.7Mn in 3Q17. Especially remarkable is that construction continues improving margins (to 3.3% in 3Q17 from 2.2% in the previous quarter and 0.5% in 3Q16), what results in an EBITDA of €27.6Mn in 3Q17 (vs. 4.3% in 3Q16).

Working capital drained €91.5Mn in 3Q17

NFD reduced by €297Mn to €2,595Mn in 3Q17, distorted by the amortization of the €400Mn bond convertible into OHL Mexico shares. It has been replaced with a €400Mn loan from IFM accounted as “Other current liabilities”. Excluding this impact, NFD would increase by €103Mn in 3Q17 with €91.5Mn cash outflow from working capital (-€158.6Mn in 3Q16). Recourse NFD increases to €991.8Mn in 3Q17 from €813Mn in 2Q17.

We maintain our Buy recommendation.

We expect these 3Q17 results to have a slightly negative impact on OHL’s stock price. Nevertheless, we maintain our Buy recommendation with a target price of €6.9/share.

14/11/2017 3 EN

Underlying

Obrascon Huarte Lain SA

Obrascon Huarte Lain is an international concession and construction groups based in Spain. Co. maintains significant operations in 30 countries across all five continents. Co. is engaged in hospital and railway construction, transport infrastructure concessions, oil and gas, energy, solids handling and fire protection systems and international contracts. Co.'s operations are organized along four divisions: OHL Concesiones, OHL Construccion, OHL Industrial y OHL Desarrollos. Co. is also engaged in real state project developments of mixed use managed by the international hotel chains.

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ES0142090317 Madrid Stock Exchange 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.

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Analysts

Juan Moreno

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3Q17 Results

INFORME DIARIO 05 DICIEMBRE (ANÁLISIS BANCO SABADELL)

IBERIAN DAILY 05 DECEMBER (ANÁLISIS BANCO SABADELL)

OHLA: 3Q’25 RESULTS, CHANGE OF RECOMMENDATION TO UNDERWEIGHT AND T.P. INCREASE (ANÁLISIS BANCO SABADELL)

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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