Acciona : High profitability in Construction while cash consumption driven by investments
>Strong EBITDA growth in Infrastructure offset lower results from energy - Acciona’s results excluding Acciona Energía and Nordex were ahead of our estimates (EBITDA 15.6% or € 49 above), as the very strong margin at the construction division offset the weak performance of the water division, while the rest of the divisions posted no surprises. Moreover, net debt, increased strongly but was in line with our estimates, with a total cash outflow of € 1.7bn, and with t...Acciona is the parent company of a construction group. Co. is engaged in general construction activities in the areas of civil engineering and buildings, including railways, marine and hydraulic works, motorways and airports, town planning, conduits, pavements, parking lots, and industrial and urban buildings. In addition, Co. is engaged in the provision of real estate services, the operation of parking lots, telecommunications, services, ecology and alternative means of energy. Co.'s operations are organized in six business divisions: Infrastructures, Real Estate, Energy, Water, Environmental & Urban Services and Logistic & Transport Services.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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