HOCHTIEF : Results in line with our estimates and showing a good cash recovery
>Working capital improvement offsets the previous deterioration - Hochtief’s Q4 2023 results were in line with the consensus and with our estimates (EBITDA 3% below Bloomberg consensus and 1.5% below our estimates), showing contained deviations throughout the P&L: revenues € 7,394 m (0.9% below css; € 293m or 3.8% below our € 7,687m estimate), EBITDA € 322m (3% below css; € 5m or 1.5% below our € 327m estimate), EBIT € 228m (0.3% above css; € 15m or 7% above our € 21...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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