Indra Sistemas: Q2 2018 results above consensus; FY18 guidance reiterated
Indra Sistemas: (BUY, Fair Value EUR14 (+42%))Q2 2018 results above consensus; FY18 guidance reiterated
This morning Indra reported Q2 2018 results above consensus and our estimates, with a non-IFRS operating margin up 1.1ppt to 7.1%, while FY18 guidance is reiterated. However, net debt increased to EUR656m due to a rise in working capital needs, but redmains manageable. We expect the share price to react positively in the short-term.
Indra Sistemas is engaged in the design, development, manufacture, assembly, repair, and installation of computer software and applications. Through its subsidiaries, Co. is engaged in consulting, graphic design and multimedia, web design and marketing, internet development and electronic trade, systems integration and hosting geared business to business and business to consumer, as well as in internet financing and electronic marketing. Co. serves defense and security, transport and traffic, energy and industry, telecom and media, finance and insurance, and public administration and healthcare markets. Co. operates primarily in Europe, the United States, Canada, and Latin America.
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