ACS: HOCHTIEF’S 1H’21 RESULTS IN LINE WITH EXPECTATIONS, WITH IMPROVED WORKING CAPITAL AND ORDER INTAKE (ANÁLISIS BANCO SABADELL)
Hochtief (50.4% ACS; ~48% of ACS’s EBITDA; 35% of our T.P. for ACS) has released its 1H’21 results that, in general terms, were very much in line with our expectations on the P&L statement level (-1.5% in EBITDA and in line in Net Profit, although +4% vs. consensus) and showing improved working capital. LfL sales (adjusted for the effect from the sale of 50% of Thiess) fell by -6% vs. 1H’20 (in line with expectations) due to a demanding comparison in the US, although they are above 1Q’21, whereas LfL EBITDA rose +7% vs. 1H’20 to € 515 M, with the margin increasing by +60bps to 5.0%, and Abertis contributing €+13 M to EBITDA (vs. € -18 M in 1H’20). Net Profit came in at € 205 M (+17% vs. 1H’20 in LfL terms, in line with our estimate and +4% above the consensus).ACS Actividades de Construccion y Servicios is a holding company. Through its subsidiaries, Co.'s activities are divided into the following areas: Construction, engaged in the construction of civil works, and residential and non-residential building construction; industrial services, engaged in the development of applied engineering services, installations and the maintenance of industrial infrastructures in the energy, communications and control systems sectors; services, groups together environmental services, the outsourcing of building maintenance services, logistics and transport services; and concessions, mainly engaged in transport infrastructure concessions.
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