FCC : Results ahead of our estimates thanks to the more cyclical divisions
>Revenue growth remains high while margins improve from H1 - FCC’s Q3 2023 results beat our estimates, with total revenues of € 2,340m (€ 197m or 9% above) and EBITDA of € 398m (€ 25m or 7% above). The outperformance came mainly from the construction division, whose revenues increased by 51%, and from the cement division thanks to lower costs. Margins performed strongly in all divisions leading to a stable blended margin (17.0% vs 17.0% in H1) despite the lower-margin...Fomento de Construcciones y Contratas is the parent company of a group engaged in sanitation services, cleaning, maintaining, purification and distribution of water, construction of highways, hydraulic works, marine works, air and rail transport infrastructure, urban developments, housing, non-residential buildings, office buildings, toll highways, parking garages, marinas and water treatment plants. Co. is also engaged in the manufacture and sale of cement and cement infrastructures, such as precast concrete elements; and in the financial markets, and real estate development, leasing and tourism.
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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