FCC : Visibility on deteriorating working capital is needed despite P&L showing no surprises
>The cruising speed at the P&L overshadowed by a € 691m working capital consumption - FCC’s 2023 results were in line with the consensus and with our estimates at the P&L: revenues amounted to € 9,026m (€ 104m or 4% below consensus and € 355m or 4% above ODDO BHFe) and EBITDA to € 1,530m (€ 11m or 1% above consensus and € 28m or 2% above ODDO BHFe). The operating margins in Water and Environmental Services, the most relevant ones for valuation purposes, performed wel...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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