HOCHTIEF : Cimic results unlikely to become a trigger for valuation
>Pressure on cash flow for the remainder of the year - Cimic’s Q2 2021 results were roughly in line with our estimates (EBIT and net profit 3% and 2% above respectively), whilst cash flow generation resumed at AUD 83m underlying. The company continued to reduce factoring and supply chain financing, AUD 59m and AUD 81m respectively. The backlog remained strong (AUD 33bn), although the short-term outlook is a tad grim due to the new restrictions implemented in Australia...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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