HOCHTIEF : A re-rating hampered by the risk of further share sales by Atlantia
>Despite a valuation that has regained its appeal - Following 1/ the sale of HOCHTIEF shares by Goldman Sachs (shares lent by Atlantia) on 28 March 2019 and 2/ the publication end-April of an aggressive research note by GMT Research calling into question profit, cash levels and the strength of the balance sheet, HOCHTIEF’s share price lost 20% over the last two months. According to our estimates, the stock is currently trading at 7.0x on a 2019e EV/EBIT, i.e. a disco...Hochtief is a holding company. Through its subsidiaries, Co. operates as a construction company engaged in projects in the transportation, energy, and social and urban infrastructure sectors as well as contract mining. Co. provides its services through three divisions: HOCHTIEF Americas, which encompasses the construction activities of operational units in the U.S and Canada; HOCHTIEF Asia Pacific, which includes the construction activities and contract mining in the Asia-Pacific region; and HOCHTIEF Europe, which designs, develops, builds, operates, and manages real estate and infrastructure, with primary business in Europe as well as selected other regions.
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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