ACS : Operating trends unchanged, cash flow still challenging – TP increased maintaining a Neutral rating
>Results in line at the P&L, better working capital – TP increased to € 27.5 - The company’s Q3 2023 results were largely in line with our estimates, with just a 1% difference to our estimated EBITDA and with a partial recovery of the working capital that we estimate at € 0.1bn. Net debt excluding Hochtief improved by € 989m to € 522m, mainly due to the disposal of a stake in the SH-288 (€ 1.2bn net of the last purchase), and despite c.€ 228m shareholder remuneration ...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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