ACS: SOLID 1Q’23 RESULTS FROM HOCHTIEF, ALTHOUGH WORSE IN CASH GENERATION (ANÁLISIS BANCO SABADELL)
Hochtief (70% ACS; ~67% of ACS’s EBITDA; 40% of our T.P.) has just released its 1Q’23 results, which were very much in line in sales (although +3.4% vs. consensus; +16% vs. 1Q’22) and in EBITDA (+10% vs. 1Q’22 to 4.8% margin; -20bps vs. 1Q’22), and better in Operating Net Profit (+7% vs. BS(e) and consensus). The latter totaled € 138 M, meaning +16% growth vs. 1Q’22 (vs. between -2% and +5% guidance for the full year). Thanks to the +20% EBITDA in Abertis, its contribution improved greatly to € 18.5 M (vs. € 4.7 M in 1Q’22 and € 6 M BS(e)). Net debt came in at € 390 M (compared to € -354 M of net cash as of YE22 and € 390 M of net debt in 1Q’22), based on prefactoring operating cash flow (adjusted for € -190 M of one-offs from the last arbitration payment from CCPP, already known) that fell € -187 M vs. 1Q’22 (we understand this was mainly due to working capital).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.
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