ACS : Results in line, waiting for H2 cash flow to come
>P&L in line with our estimates, with limited underlying cash flow that could still be fixed with positive seasonality - The company’s Q2 results were in line with our estimates (revenues 1% above and EBITDA 0%) with a weaker-than-expected performance from the construction division being offset by a stronger performance from industrial services and from concessions. Cash flow excluding Hochtief, however, remained limited, only € 60m if excluding the Abertis dividend ...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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