Astaldi : Deeper into the danger zone
The recent months have seen, on the one hand, a further deterioration in results and liquidity, and, on the other hand, some progress towards achieving the capital hike, starting with a significant commitment from Japan’s IHI. A sale of the Third Bosphorus Bridge at a reasonable price also appears feasible. Still, in our view, too many unknowns surround the capital hike and the asset sale. Longer-term, we also remain wary of Astaldi’s business model (high project concentration an...Astaldi is an infrastructure construction group based in Italy. Co. is engaged in the development of works in the field of infrastructure and civil engineering. Co.'s activities include the construction of railway, road and air transport infrastructures, energy production plants and civil and industrial construction, as well as management of transport infrastructures, car parks, hospitals and renewable energy facilities. Co. manages and coordinates resources using the “turnkey” formula, from design through to organizing funding and constructing and managing projects. Co. operates throughout the whole of Italy and Eastern Europe, South America, the United States, Africa and the Middle East.
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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