HOCHTIEF : Cimic delivers on its guidance, although with limited cash flow and an unimpressive guidance
>Cimic results slightly below our estimates and 2022 guidance also below - Cimic’s FY 2021 results were slightly below our estimates: EBITDA and EBIT 2% and 6% below respectively. As in the last few quarters, the company managed to beat our estimated revenues (5% or AUD 448m above) but, after higher opex (6% higher in FY, 24% in Q4), it was slightly below at EBITDA and EBIT level. The ‘operational net profit’ guidance of AUD 400-430m was achieved at the lower end of t...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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