HOCHTIEF : Cimic’s H1 earnings close to our estimates
>Margin growth for Cimic in H1 despite a decline in sales - CIMIC – Hochtief’s Australian subsidiary, 77.1%-owned and representing around 70% of its EBIT – reported Q2 2020 results close to our expectations. Whilst Q2 sales were slightly disappointing (-18% vs -11%e), the EBIT margin rose by 60bp to 8.8% whereas we had been forecasting a slight contraction. Cimic has, unsurprisingly, been penalised by COVID-19, especially in its international activities, but the mixed...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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