HOCHTIEF : Lower margins lead to a slight shortfall – Cash flow seasonality to be tested again
>P&L a touch below, with the precise level of cash flow generation still waiting for the later part of the year - Hochtief’s Q2 2022 results were slightly below our estimates, due to lower operating margins, as higher revenues were more than offset by higher opex: revenues € 320m or 5.1% above our estimates (€ 6,611m), EBITDA € 20m or 6.4% below our estimates (€ 287m), EBIT € 19m or 8.6% below our estimates (€ 203m) and net profit € 2m or 1.3% below our estimates (€ 1...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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