PORR Q2 22 - Initial FY 22 guidance below RBIe but appears conservative
Q2 results determined by higher output but stagnant EBITDA and pre-tax profitBacklog above the EUR 8 bn mark give comfortable order situation
Seasonal cash burn results in higher net debt
Initial FY 22 guidance calls for output of EUR 5.7-5.9 bn and higher pre-tax earnings
Output target implies decline in H2, to exceed FY 21 earnings H2 EBT can be down up to 10% - outlook appears very conservative at first glance
We have a neutral view on the results release
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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