ACS : Small deviations in the P&L but cash flow still needed in Q4
>P&L roughly in line with our estimates, with limited underlying cash flow that puts more pressure on the Q4 positive seasonality - The company’s Q3 results were in line with our estimates (revenues 1% and EBITDA 3% below) with the main deviations at EBITDA coming from Concessions and Industrial services (the remaining business), with low visibility, and in-line performance in Construction (strong order intake) and Environmental services. Cash flow excluding Hochtief...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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