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Bilfinger announced robust Q3 results, with both revenue and EBITA surpassing the market’s expectations. EBITA outperformed by an impressive 17%, driven by strong performances across all the segments. Although there was a decline in order intake in the E&M International sector due to the ongoing restructuring in the USA, the German company reaffirmed its year-end outlook.
Companies: Bilfinger SE
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Bilfinger exceeded market expectations with its Q2 2023 results. While revenue was in line with expectations, EBITA outperformed by 15%, propelled by robust performances in E&M Europe and Technologies. However, E&M International faced challenges due to the ongoing restructuring in the USA. Consequently, theorder intake remained steady after a substantial increase in Q1 2023.
Bilfinger’s Q1 2023 results beat the consensus, with organic order growth of 26% driven by inflation and strong demand momentum. Revenue increased by 12%, and EBITA (excluding special items) by 16%, resulting in a 10bp margin increase. All segments contributed to this growth in revenue, although E&M international’s EBITA remained negative due to legacy contracts.
Bilfinger published a good set of FY22 results with 15% growth in revenue and a 140bp decrease in EBITA margin due to a one time-expense of €60m for the efficiency program and a strong basis of comparison. Going forward, the company announce its strategy to capture further growth while improving margins in the coming years.
Bilfinger published good Q3 22 figures with a significant increase in orders received and revenue, with the EBITA margin excluding one-offs at the same level as in Q3 21. All segments saw positive developments in the orderbook, with the sharpest growth at E&M International, thanks to the additional efforts put in since last year to increase the utilisation rate. For the full year, Bilfinger has guided for a sharp increase in revenues and operational EBITA but significantly lower net income due t
Bilfinger Q2 22 results. While revenue was above the company-compiled consensus (+4%), EBITA was a miss (-8%). However, due to 1/ the strong order intake, especially in Energy & Utilities and O&G end markets, 2/ a selective approach towards Technologies projects and 3/ the replacement of some major projects by new more profitable projects, the management is positive that the company can achieve strong growth in revenues and EBITA along with a margin improvement in H2. Hence, it has re-iterated t
Bilfinger released its Q1 22 result. While the revenue was above the company-compiled consensus (€961m, +14% lfl and -5% vs consensus average), EBITA was a miss. After a €10m additional charge booked in relation with Russia, EBITDA stood at €9m, flat yoy (when compared to non-adjusted EBITDA) with a 20bps decrease in margin. Given that the management expects flat EBITA this year, we anticipate a consensus downgrade for 2022.
Bilfinger published a good set of FY21 results with 11% growth in revenue and an extraordinarily high EBITA margin (+210bp yoy), supported by gains from real estate disposals (€30m) due to a one-off of €18m in real estate disposal gains. Going forward, the company expects the good top-line trend to continue, driven mainly by the international and technologies businesses. The company also proposed a dividend of €1 along with a special dividend of €3.75 (expected by the market).
Bilfinger published good Q3 21 results with a 12% growth in revenue and the EBITA margin is extraordinarily high (+270bp yoy) due to a one-off of €18m in real estate disposal gains. Given the good results, the company has slightly updated its FY21 guidance.
Bilfinger published Q2 21 results above market expectations with a substantial margin improvement which is expected to improve further in H2 21. As a result, the company has raised its adjusted EBITA margin guidance to 3%. The company has also unveiled its capital allocation plan (following the sale of Apleona), which includes early debt repayment of €109m, a special dividend worth €150m, share buy-back supto €100m and the rest for organic growth and bolt-on acquisitions.
Bilfinger published FY20 results slightly below our expectations. However, following the sale of Apleona in Q4, net income benefited significantly (€210m capital gain), resulting in a positive EPS instead of a negative one. No quantifiable guidance has been given for FY21, but management re-confirmed its 2024 targets. A dividend of €1.88/share is proposed, the additional €0.88 is to recover last year’s €0.12 dividend to a €1/share floor.
Bilfinger published disappointing results, with a 21% decline in revenues and a breakeven EBITA. The E&M International division was particularly weak due to the challenging environment (COVID-19 and elections), with a 55% decline in revenues. The most buzzworthy piece of information was that the CEO confirmed that Bilfinger is not up for sale. The company has reiterated both short-term and medium-term guidance.
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Bilfinger has published its Q2 20 results. It has observed a decline of 15% in new orders received and a 29% decline in revenues organically. Given that the Oil & Gas market continues to be in trouble, Bilfinger may struggle with receiving new orders, especially for large projects. However, the Hinkley Point contracts will partly offset this. For the full year, Bilfinger has reiterated its outlook announced at the time of the Q1 results.
Bilfinger published its Q1 20 results which were negatively affected by disruptions and uncertainties due to the pandemic as well as the substantial reduction in the oil price (Oil & Gas represent a third of its total market). Management has cut the dividend to the statutory minimum level and has provided new guidance for 2020 with a revenue decrease of 20% and a positive adjusted EBITA.
The company has published its FY19 results which far exceeded the FY18 results. Even though there was a decrease in the orders received, the company has managed to increase its organic revenues by 6% and has positive unadjusted bottom-line items finally. It lags behind in terms of margin improvement but has shown significant SG&A improvement. While we believe that the company has performed below its set targets, we will update our target price to reflect its improved performance.
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