FCC: 3Q'19 RESULTS (ANÃLISIS BANCO SABADELL)
3Q'19 vs. 3Q'18 ResultsSales: € 1.584 Bn (+4.8% vs. +4.6% BS(e) and +4.6% consensus);
EBITDA: € 279.5 M (+25.0% vs. +15.1% BS(e) and +11.8% consensus);
Net Profit: € 104.1 M (+328.4% vs. +273.6% BS(e) and +237.4% consensus);
9M'19 vs. 9M'18 Results
Sales: € 4.578 Bn (+5.2% vs. +5.2% BS(e) and +5.2% consensus);
EBITDA: € 740.8 M (+14.7% vs. +11.3% BS(e) and +10.2% consensus);
Net Profit: € 233.0 M (+32.4% vs. +24.8% BS(e) and +19.8% consensus);
The company has released better 3Q’19 results than expected on the operating and Net Profit levels. EBITDA grew more than expected on the quarter (+25% vs. +15% BS(e) and +12% consensus), despite sales being fully in line with expectations due to better performance in margins, which reached 17.6% on the quarter (vs. 16.3% BS(e) and 15.8% consensus), with the Services division standing out (~45% of sales) at 19% (vs. 17.5% BS(e) and 16.3% in 2Q’19). Net Profit was also better than expected (4.3x vs. 3Q’18 vs. 3.7x BS(e) and 3.4x consensus), thanks largely to the impact from positive FX changes (€~24 M accumulated).
On the cash level, NFD also performed well, rising +0.9% over the period to € 3 Bn (excl. IFRS 16), reducing debt to 3.1x NFD/EBITDA (vs. 3.3x NFD/EBITDA in 2Q’19.
In short, these 3Q’19 results were better than expected, confirming the solid outlook on the operating level and positive debt performance, in our view justifying the warm reception (+0.7% vs. IBEX). BUY. T.P. € 13.50/sh. (upside +24.31%).
Fomento de Construcciones y Contratas is the parent company of a group engaged in sanitation services, cleaning, maintaining, purification and distribution of water, construction of highways, hydraulic works, marine works, air and rail transport infrastructure, urban developments, housing, non-residential buildings, office buildings, toll highways, parking garages, marinas and water treatment plants. Co. is also engaged in the manufacture and sale of cement and cement infrastructures, such as precast concrete elements; and in the financial markets, and real estate development, leasing and tourism.
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