Ellaktor : No near-term concern but challenging long-term prospects
>Conclusion // Recommendation - Ellaktor's long-term prospects are unappealing as we see few catalysts to outweigh the end in 2024 of the Attiki Odos concession, the group's cash cow. In the meantime, we believe that the restricted scope can improve its credit ratios at a reasonable pace thanks to the robustness of Attiki but also of renewables and some parts of the waste division. Construction, which has so far focused investors' concerns, brings uncertainty but unli...Ellaktor operates via its subsidiaries, mainly in constructions and quarrying, real estate development and management, wind power and environment, and concession sectors. Co. operates abroad in the Middle East countries, and specifically in the United Arab Emirates, Qatar, Kuwait, Oman and Jordan, as well as in other countries, such as Germany, Italy, Cyprus, Romania, Bulgaria, Albania, Serbia, Cameroon, Turkey, Croatia, Bosnia-Herzegovina, FYROM, the U.S., the U.K., Chile and Panama. As of Dec 31 2014, Co. was mainly operating in six business segments: construction and quarries; real estate development; concessions; wind farms; environment; as well as other activities.
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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