ACS : Seasonality helps cash to come back but not as much as expected, while operating results maintain the trends at the P&L
>Results in line at the P&L and a slight net debt reduction - The company’s Q4 2023 results were largely in line with our estimates at the P&L, with a negligible difference to our estimated EBITDA (€ 8m or 2%) and with a partial recovery of the working capital (excluding Hochtief) that we estimate at € 0.3bn. This recovery, however, was not enough to fully offset the cash consumption from 9M, leading to a total cash outflow in FY of € 192m. Net debt excluding Hochtie...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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