STRABAG confirmed at BUY, TP EUR 48 - Rock solid value proposition
H1 2021 results were very accommodative for our BUY recommendation and we raise the price target to EUR 48 from EUR 44.5.The broad-based cost inflation leaves less of a stress mark on profitability, underscored by the more upbeat EBIT margin guidance of close to 4% for the current year and the reiteration to deliver on the 4% target in FY 22
With the backlog having reached a new all-time record in excess of EUR 21 bn there is good visibility as regards further growth
Despite the >60% ytd total return of the shares, the valuation remains a core pillar for our positive stance
The shareholder syndicate holds 85.6% post cancellation of treasury shares, the shareholder agreement ends at the end of June 2022
Strabag is a technology group for construction services. Co. provides its services in four operating segments: North + West, which executes construction services of nearly any kind and size with a focus on Germany, Poland, the Benelux countries and Scandinavia; South + East is focused on Austria, Switzerland, Hungary, the Czech Republic, Slovakia, Russia and neighbouring countries as well as on the region South-East Europe; International + Special Divisions, which include on the one hand, the field of tunneling and the concessions business; and Other, which contains the intra-company Central Divisions and Central Staff Divisions.
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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