HOCHTIEF : Tight results due to Cimic’s margin and with another year of challenging cash flow ahead
>P&L in line with consensus and slightly below our estimates, with higher cash consumption to be recovered later in the year - Hochtief’s Q1 2024 results were in line with the consensus and slightly below our estimates (EBITDA 0.1% below Bloomberg consensus and 5.9% below our estimates), showing contained deviations throughout the P&L but with a slightly weaker margin in Cimic (Asia-Pacific): group revenues € 6,757m (3.5% above css; € 46m or 0.7% below our € 6,803m ...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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