Report
Sven Edelfelt

WeBuild : Lower-than-expected H1 2020 results

>Sales down 18%, EBIT margin -350bp - WeBuild (ex-Salini Impregilo) yesterday reported H1 sales down 18% to € 2,213m (below our estimate of -10% to € 2,439m), hurt by the shutdown of business, particularly in the Middle East. The US and some European markets (including Italy which appears to have reached a turning point in the infrastructure sector) held up better. The EBIT margin fell 350bp to 1.6%, whereas we had forecast a drop limited to 220bp. The decline st...
Underlying
Webuild S.p.A.

Salini Impregilo is engaged in the water segment. Co. is organised according to the distribution of its activities into its various segments: Corporate, which is engaged in the coordination and supervision of Impregilo S.p.A.'s main investments; Construction, which consists of the business headed by Impregilo S.p.A.; Concessions, which consists of the business coordinated by Co.'s subsidiary, Impregilo International Infrastructures B.V. (the Netherlands) and carried out through subsidiaries, jointly controlled entities and associates; as well as Engineering & Plant Construction, which consists of the business headed by FISIA Italimpianti and FISIA Babcock Environment (Germany).

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
Sven Edelfelt

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