Bankinter S.A. - Obrascon Huarte Lain SA (OHL) OHL: Bad set of 2017 results

Report

Bankinter S.A.

Juan Moreno

EUR 10.18 For Business Accounts Only

OHL: Bad set of 2017 results

The sale of OHL Concesiones goes ahead and the company maintains both the price (€2,235Mn equity) and the calendar (March 2018). Nevertheless, OHL has invested €165Mn equity in OHL Concesiones, reducing the net cash inflow from it. It would have a negative impact of 8.3% on our valuation. In addition, the lower than expected results of Construction & Ingineering could imply an additional negative impact of up to 12% on our valuation, depending on the prospects that OHL could provide. We put our recommendation and target price under revision.

01/03/2018 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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OHL: Bad set of 2017 results

OHLA: 2Q’25 RESULTS (ANÁLISIS BANCO SABADELL)

OHLA: RDOS. 2T’25 (ANÁLISIS BANCO SABADELL)

OHLA: RESULTADO FAVORABLE DEL LAUDO DEL HOSPITAL DE SIDRA Y CAMBIO DE RECOMENDACIÓN A SOBREPONDERAR (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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