SPANISH MARKET: RESULTS HIGHLIGHTS WEEK 11 TO 15 NOVEMBER 2019 (ANÃLISIS BANCO SABADELL)
3Q’19 Results Highlights next week.Of the companies releasing 3Q’19 results in Spain next week, we expect to see a positive impact in Almirall. We expect a positive reception following the moderate share Price performance in the past 3 months, as we expect results to confirm the good performance of sales and EBITDA margins. Thus, we place our T.P. and recommendation Under Revision (from SELL). On the negative side we would highlight OHL, as the EBITDA recovery should be widely priced in, while the market will pay close attention to the cash performance (working capital and the outcome of legacy projects), where any negative surprise could lead to an unfavourable reaction mainly bearing in mind its YTD performance (+41% vs. Ibex 35).
Almirall is engaged in the acquisition, manufacture, storage, sale and mediation in the sale of pharmaceutical specialties and products and all manner of raw materials used to prepare pharmaceutical specialties and products. Also, Co. acquires, manufactures, storages, sales and mediates in the sale of cosmetics, chemical, biotechnological and diagnostic products for human, veterinary, agrochemical and food-industry use, as well as all manner of utensils, complements and accessories for the chemical, pharmaceutical and clinical industries. In addition, Co. is engaged in the acquisition, sale, lease, subdivision and development of land lots, land and properties of all kinds.
Obrascon Huarte Lain is an international concession and construction groups based in Spain. Co. maintains significant operations in 30 countries across all five continents. Co. is engaged in hospital and railway construction, transport infrastructure concessions, oil and gas, energy, solids handling and fire protection systems and international contracts. Co.'s operations are organized along four divisions: OHL Concesiones, OHL Construccion, OHL Industrial y OHL Desarrollos. Co. is also engaged in real state project developments of mixed use managed by the international hotel chains.
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