HOCHTIEF : P&L results in line with estimates but the challenge in cash remains alive
>Working capital deterioration increases pressure on positive Q4 seasonality - Hochtief’s Q3 2023 results were in line with our estimates, with no significant P&L deviations: revenues € 7,346m (€ 107m or 1% above our € 7,239m estimate), EBITDA € 309m (€ 6m or 2% below our € 316m estimate), EBIT € 227m (€ 5m or 2% above our € 222m estimate) and net profit € 119m (€ 4m or 3% below our € 123m estimate) as the lower D&A was more than offset by higher taxes. Net debt, ho...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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