PORR confirmed at HOLD, TP EUR 17.5 - Solid Q1 results - cost pressure not endangering FY target
PORR delivered a reasonably constructive starting quarterThe confirmation of the FY 21e pre-tax margin target of 1.3-1.5% was to be expected
The management voiced the assumption that cost inflation is not expected to ease until later in the year, probably until Q4. At the same time it was confirmed that the short-term margin profile would not be impaired since costs of input factors were locked in early.
During the Q1 conference call the company flagged that 2014 hybrid bond (EUR 25 mn) is very likely to be redeemed in October
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.
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