HOCHTIEF : Disappointments at Cimic, a buy opportunity on Hochtief?
>Cimic: a disappointing… or cautious publication? - Cimic’s (77.4% owned by Hochtief) share price fell by 17% after the publication of the annual results while Hochtief's shed 4%. Among the items deemed disappointing were (i) additional one-off charges of AUD 613m (on top of the already known € 805.3m impairment charge following the arbitration on the Gorgon Jetty project); (ii) a lower-than-expected guidance for 2021 and (iii) an EBITDA to cash conversion rate of 30%...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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