Acciona : The “stub” strong while 2024 guidance excl. energy in line with our estimates
>A good operating performance from construction and water and robust cash-flow, while property development is weak - Acciona’s results excluding Acciona Energía and Nordex beat our estimates (EBITDA 7.4% or € 42m above), but only due to a very strong margin at the construction division that fully offset the miss at both the property and the water divisions. Moreover, working capital was also ahead of our estimates, with a total cash inflow over the year of € 430m. All...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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