A director at Balfour Beatty sold 317,071 shares at 448p and the significance rating of the trade was 70/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly show...
Summary Actividades de Construccion y Servicios SA - Company Profile and SWOT Analysis, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights Actividades de Construccion y Servicios SA (ACS) is a construction contracting company. It offers a range of infrastructure and energy construction and other related services ...
Trading statement guides to trading in line; we maintain our FY 23 FD EPS of 34.9p, and assume an H1 EPS weighting of 45%. Despite a working capital outflow at the top of the target range, we maintain our average FY 23 net cash estimate of £750m. 1) The order book has nudged down from £17.4bn at FY 22 to £17.0bn due to the order burn on HS2, and there have been delays on key programmes like HS2, and the Thames Crossing and Smart Motorways has been cancelled. 2) At Construction, there is a positi...
Following the results last week, we leave our earnings estimates unchanged but decrease our FY 24 average net cash (exc. leases) estimate from £720m to £684m to reflect the working capital guidance. We now re-visit our WaNoS calculation to reflect the buy-backs better. We now expect FD WaNoS to fall 30% in the 5 years to FY 25. Buy-backs can be funded by strong organic cash flow from the operating businesses and Investments. We increase our FY 23 and FY 24 FD EPS by another 2-3% to reflect the r...
FY 22 results were ahead of our expectations with FD EPS of 46.8p vs our estimate of 42.6p, with particular strength in Support Services. FY 22 Average net cash of £804m was in line, but Investments were ahead, as we expected, and pension deficit recovery payments reduced. We increase our FY 23 FD EPS estimate by 6% due to higher interest receivable. Inflation, shortages, and the remaining London problem contracts remain manageable within consensus. We expect shareholder returns of c. £214m in F...
The UK economic outlook has improved, and energy prices have been much responsible for that. Despite some uncertainty left on this front for winter 23/24, prices are not expected to rise as rapidly as in 2022, thus views on inflation and economic growth have become less pessimistic (ours included) over the last two months. Why? A better energy outlook benefits consumption, business sentiment (thus investment) and eases the burden of fiscal support in 2023.
The UK economic outlook has improved, and energy prices have been much responsible for that. Despite some uncertainty left on this front for winter 23/24, prices are not expected to rise as rapidly as in 2022, thus views on inflation and economic growth have become less pessimistic (ours included) over the last two months. Why? A better energy outlook benefits consumption, business sentiment (thus investment) and eases the burden of fiscal support in 2023.
We believe that BBY is more akin to a US infrastructure fund than a UK construction company. We make 6 key points: 1) The read-across from Infrastructure funds is supportive. 2) Inflation sensitivity is not disclosed, but is a positive driver. 3) Military housing inflation of 12% was announced by the DoD in December. 4) Cumulative net distribution from the infra portfolio in last 10 years = 110% of the EV. 5) The valuation of infrastructure assets should prove resilient in a recession. 6) There ...
The general evaluation of BALFOUR BEATTY (GB), a company active in the Heavy Construction industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date March 15, 2022, the closing price wa...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
Currently '(TM) Value Indicator - Main Market' is a value analysis of the Basic Resources, Construction & Materials, Telcoms and Utilities sectors of quoted companies on The London Stock Exchange's Main market that provides the user with indicative long-term trading indicators and indicative target prices. The publication is also available on request at
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