ACS : Results in line, with just a slightly lower cash flow
>Not full cash recovery from working capital but operating results completely in-line - The company’s Q4 results were in line with our estimates, with just a touch weaker-than-expected cash flow generation as the net cash position of € 1.5bn (excluding Hochtief, € 2.0bn including Hochtief) showed a € 0.3bn shortfall to our estimate. The operating metrics in the P&L contained no surprises and were fully in line with our estimates (revenues 0.5% below and EBITDA 2.4% be...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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