HOCHTIEF : Q3 results slightly below as central overheads continue to press downwards
>EBITDA slightly below leads to our FY estimates being challenging - Hochtief’s Q3 results were slightly below our estimates (EBITDA 5% and net profit 13% below respectively) mainly due to higher-than-anticipated central costs but also due to a slightly lower EBITDA in Europe, both partially offset by a higher margin in the Americas. Cash flow generation was negligible as it amounted to € 42m once adjusted, although benefitting from a € 77m positive impact from provis...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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