ACS : Results in line with our estimates, with just a minor disappointment from working capital seasonality
>No surprises in the P&L and slightly lower cash flow due to lack of positive seasonality - The company’s FY 2022 results were largely in line with our estimates with slightly higher revenues and a completely aligned EBITDA, as well as a contained capex: revenues € 33,615m, i.e., € 746m or 2% above our estimate and EBITDA € 1,747m, i.e., € 5m or 0.3% above our estimate. Net debt excluding Hochtief increased by € 68m in Q4 to € 130m, mainly due to one-off impacts (fro...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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