STRABAG prelim. FY 20 results - FY 21 guidance implies 6-10% upside to our EBIT estimate
Yesterday STRABAG announced the expectation of FY 20 EBIT north of the prior years level of ca. EUR 600 mn, blowing away market forecastsThis mornings prelim. FY 20 output (-7% to EUR 15.45) and backlog (+% to EUR 18.37 bn) were slightly ahead of RBIe
FY 21e guidance of moderately higher output and EBIT margin of 3.5%) at first glance translates into 6-10% upside to our EBIT forecast
Newsflow on FY 20-21 financials is encouraging for the investment case
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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