HOCHTIEF : Results slightly below expectations imply pressure to reach our FY estimates
>Shortfall in the main metrics, challenging figures for full year - Hochtief’s Q2 results were below our estimates (EBITDA 8% and net profit 5% below respectively) mainly due to higher-than-anticipated central costs but also due to a slightly lower operating margin in Europe and in the Americas. Cash flow generation benefitted from a € 205m underlying improvement in working capital. Although this was positive, pressure on seasonality remains as the underlying working ...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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