ACS: RDOS. 1T’23 DE HOCHTIEF BUENOS, AUNQUE PEORES EN GENERACIÓN DE CAJA (ANÁLISIS BANCO SABADELL)
Hochtief (70% ACS; ~67% EBITDA de ACS; 40% P.O. de ACS) acaba de publicar unos Rdos. 1T’23 que han estado muy alineados en ventas (aunque +3,4% vs consenso; +16% vs 1T’22) y en EBITDA (+10% vs 1T’22 hasta 4,8% de margen; -20 pbs vs 1T’22) y mejores en BDI operativo ((+7% vs BS(e) y consenso). Este último alcanza los 138 M euros, que supone un crecimiento del +16% vs 1T’22 (vs entre -2% y +5% del guidance para todo el año). Gracias al +20% de EBITDA en Abertis, la contribución de esta última mejora significativamente hasta 18,5 M euros (vs 4,7 M euros en 1T’22 y los 6 M euros BS(e)). La deuda neta se sitúa en 390 M euros (vs -354 M euros de caja neta a cierre de 2022 y 390 de deuda neta en 1T’22) en base a un flujo de caja libre operativo pre-factoring (y ajustado por -190 M euros extraordinarios del último pago por el arbitraje de CCPP ya conocido) que empeora en -187 M euros el de 1T’22 (entendemos que por el circulante principalmente).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.
Hochtief is a holding company. Through its subsidiaries, Co. operates as a construction company engaged in projects in the transportation, energy, and social and urban infrastructure sectors as well as contract mining. Co. provides its services through three divisions: HOCHTIEF Americas, which encompasses the construction activities of operational units in the U.S and Canada; HOCHTIEF Asia Pacific, which includes the construction activities and contract mining in the Asia-Pacific region; and HOCHTIEF Europe, which designs, develops, builds, operates, and manages real estate and infrastructure, with primary business in Europe as well as selected other regions.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.