Eiffage: H1 2018 current EBIT in line, steady. Solid outlook.
Eiffage: (BUY-TOP PICKS, Fair Value EUR106 (+10%))H1 2018 current EBIT in line, steady. Solid outlook.
Eiffage has reported interim revenues slightly above consensus, with good contribution from acquisitions and steady trends outside France. Current EBIT is in line with expectations at EUR806m. Apart from construction, every key divisions have reported an improvement of the profitability. Net profit continues to benefit from lower interest charges and is up 25%. Order book is solid at EUR14.4bn vs EUR12.1bn (Grand Paris impact). New revenues and EBIT growth expected this year.
Eiffage is a construction and concessions group. Co.'s operations are organized into five divisions. The Concessions and PPPs division is engaged in construction and operating of infrastructures under concessions and public private partnerships. Through the Construction division, Co. is engaged in building design and construction, property development and building maintenance. Through the Public works division, Co. is engaged in civil engineering, road construction, infrastructure maintenance and material production. The Energy division specializes in electrical contracting and air conditioning. Through the Metal division, Co. is engaged in metallic construction and services to industry.
Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.
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