Acciona : Mixed trading update; Valuation gap still not attractive enough
>Q1 2023 trading update: backlog slightly down but reassuring message all around - Acciona published yesterday a trading update for Q1 2023 with the main highlights, excluding Acciona Energía results, being: 1/ a continuation of the robust revenue growth, especially at the construction division, driven by Australia, Canada, UK and Brazil and at the water business, helped by the new projects in the Middle East; 2/slightly decline in infrastructure backlog (€21.5Bn -2.6...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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