ACS : EBITDA a touch below but deviations in FY still likely to be limited
>EBITDA struggles due to lower margins but significant effort on cash flow preservation - The company’s Q3 results were roughly in line with our estimates as EBITDA was slightly below but cash outflow from working capital as well as capex remained contained: revenues € 9,111m, i.e. € 162m or 2% above our estimate and EBITDA € 448m, i.e. € 22m or 5% below our estimate. Net cash excluding Hochtief deteriorated by € 1,141m to € 62m net debt due to a number of one-off ite...ACS Actividades de Construccion y Servicios is a holding company. Through its subsidiaries, Co.'s activities are divided into the following areas: Construction, engaged in the construction of civil works, and residential and non-residential building construction; industrial services, engaged in the development of applied engineering services, installations and the maintenance of industrial infrastructures in the energy, communications and control systems sectors; services, groups together environmental services, the outsourcing of building maintenance services, logistics and transport services; and concessions, mainly engaged in transport infrastructure concessions.
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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