PORR confirmed at HOLD, TP EUR 17 - FY 20 results release was no game changer
In the aftermath of the FY 20 results release we have left our FY 21-23e forecasts regarding pre-tax profit and EPS unchangedAs in our opinion no game changing aspects have emerged, we maintain our HOLD rating albeit at a higher target price of EUR 17 (EUR 13.5)
The confirmation of the FY 21e pre-tax margin target of 1.3-1.5% is comforting against the backdrop of input cost inflation. The management stated to have secured the vast majority of the relevant cost items
The low equity ratio and the hybrid bond step-ups still deserve attention, in our view
The antitrust watchdog filed an application with the Cartel Court to impose fines on seven companies belonging to the PORR group. However, it seems that a cessation of the proceedings should not be expected in the near term
PORR is engaged in the building construction, structural and civil engineering, road construction and infrastructure construction. Co. also operates the construction branches of planning, development, execution and operation. Co. also coordinates the supraregional activities of the construction branch subsidiaries. Co. is engaged in the contruction of buildings and industrial plants; revitalizing protected architectural treasures; general contractor services, project planning and development; railway construction; foundation engineering; power-plant, tunnel, underground rail and traffic route construction; environmental engineering and prestressing technology.
The Institutional Equity Research team of Raiffeisen Bank International AG covers 85 stocks from Austria, Central & Eastern Europe with sell-side research and thus levers our local broker status with excellent company relationships. For corporates in Austria, CEE and Western Europe, we offer co-sponsored research, which includes research coverage and marketing activities to investors. Additionally, through our Spotlight Research product we also shed light on leading European small and micro-caps, seeking greater visibility with investors.
The Institutional Equity Research team consists of roughly 15 analysts, both in Vienna and the CEE countries. Our analysts provide long-standing sector expertise in tandem with profound local market know how and a sectoral approach across the entire region.
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