Report
Maxime Kogge

OHL : Reversal of fortune?

The group posted better than expected Q4 results, with year-on-year sales growth and EBITDA back in positive territory, for the first time in a very long time. In our view, these improved numbers should be somewhat downplayed as they come on the heels of a very deep kitchen-sinking exercise in Q3. They also largely remain "on paper" as cash generation actually worsened vs. last year. Over the full year, the record remains dismal, a performance due to well flagged "legacy" project...
Underlying
Obrascon Huarte Lain SA

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.

Provider
Oddo BHF
Oddo BHF

​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.

Analysts
Maxime Kogge

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