ALDESA - 2Q16 RESULTS
Aldesa, the Spanish engineering firm, put in a weak 2Q16 performance as the lack of orders in the previous quarters started to bite on revenue, while the political deadlock in Spain hit project execution and cash collections.
After five quarters of vibrant growth, restricted sales dropped 11.3% yoy (-3% excluding forex headwinds) to €190m and EBITDA shrank 17.9% to €9m, well below our forecasts of €222m and €12m respectively. In Spain (23% of sales), despite a sizeable backlog, execution is held down by the current political limbo, while in Poland (18% of sales) the company has not been able to replace major expiring contracts. Mexico (49% of sales) remains a bright spot thanks to the execution of the Siglo XXI highway.
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