Obrascon : Stil Headroom still comfortable to cope with prolonged transition period
Most bondholders chose to keep their positions in the wake of the April put option offer. Since then, the group has disappointed investors with a weak set of Q1 results, marked by persisting losses and cash burn. The lack of an upturn prevented Moody's from upgrading the rating, which remains 'B3' despite plentiful liquidity. However, we remain encouraged in our 'Buy' stance by the latest initiatives which vouch for a prudent policy both in industrial terms (ongoing refocusing on...Obrascon Huarte Lain is an international concession and construction groups based in Spain. Co. maintains significant operations in 30 countries across all five continents. Co. is engaged in hospital and railway construction, transport infrastructure concessions, oil and gas, energy, solids handling and fire protection systems and international contracts. Co.'s operations are organized along four divisions: OHL Concesiones, OHL Construccion, OHL Industrial y OHL Desarrollos. Co. is also engaged in real state project developments of mixed use managed by the international hotel chains.
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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