HOCHTIEF : Un rerating freiné par le risque de ventes de titres par Atlantia
>Malgré une valorisation devenue attractive - Suite à 1/ la vente d’actions HOCHTIEF par Goldman Sachs (actions prêtées par Atlantia) le 28/03/2019 et 2/ la publication fin avril d’une note de recherche agressive par GMT Research remettant en cause les niveaux de profits, de cash et la solidité du bilan, le titre HOCHTIEF a perdu 20% sur les 2 derniers mois. Selon nos estimations, le titre se traite actuellement à 7.0x en VE/EBIT 2019e, soit une décote de 15% par rapp...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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