ACS : Results in line with our estimates, with no relevant news
>No relevant surprises in either operating results or cash flow - The company’s Q1 results were in line with our estimates, both regarding the operating results and the cash flow generation: revenues € 6,926m, i.e. € 50m or 1% above our estimate and EBITDA € 399m, i.e. € 8m or 2% above our estimate. Net cash deteriorated significantly (by € 1,344m to € 665m), but it was mainly due to Hochtief, which had already reported: once Hochtief excluded, the net cash deteriorat...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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