ACS : No surprises in the P&L due to high stability, but cash flow still waiting for H2
>Results and cash flow in line with our estimates - The company’s Q2 results were in line with our estimates, both regarding the operating results and the cash flow generation: revenues € 8,489m, i.e. € 55m or 2% above our estimate and EBITDA € 417m, i.e. € 1m or 0.3% above our estimate. Net cash excluding Hochtief improved slightly (by € 64m to € 1,079m) despite the € 345m equity injection in Hochtief, thanks to the disposal of minor stakes amounting to € 402m, more ...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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