Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on EIFFAGE. We currently have 11 research reports from 1 professional analysts.
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A strong set of full-year results
24 Feb 17
Eiffage released a positive set of full-year results. Results Group revenue came in at €14bn up 0.7% yoy and 1.3% ahead of consensus. Operating profit was up 11.6%, at €1,597m while the EBIT margin was up 110bp, at 11.4%. Excluding an exceptional non-cash profit due to the future change in the French tax rate, net income was 5% above market expectations, at €416m (+33% yoy). By division, the Concession business performed strongly, revenue being up 4.6%, with Q4 slightly below the nine months growth figure. On the other hand, the contracting activities were broadly flat, implying a strong Q4 (+5%), driven by a continued recovery in the construction business in Europe and particularly in France. The Energy and Infrastructure businesses were down but started to rebound in Q4, particularly in the Energy market were revenue rose by 7.5%, compared to -7.1% during the nine months. The order book of the Contracting divisions increased to €12.0bn, up 5.1% yoy, equivalent to 12.6 months of activity. By division, it was down 1.8% for the construction activities while it was up 14.7% and 3.8% for the Infrastructure and Energy businesses, respectively. At 31 December 2016, Concessions’ net debt stood at €8,705m, down from €9,062m in 2015 while the group’s net debt stood at €11,213m down by €378m. The board proposed a dividend of €1.50, stable compared to 2015. Guidance Unsurprisingly, 2017 is expected to benefit from the 5.1% increase in order intake in 2016 and management sees a slight increase in sales along with another increase in earnings.
APRR Q4 update
19 Jan 17
APRR, Eiffage’s main toll-road subsidiary, released its revenue and traffic update for the fourth quarter and full year 2016. For the full year: Excluding Construction, APRR’s consolidated revenue totalled €2,327.8m, an increase of 5.1% from €2,213.8m a year earlier. Toll revenues were up 5.2% at €2,257.7m, supported by a 3.6% increase in LV traffic and a +4.5% increase in HV traffic. Revenue from retail facilities, telecommunication and other were up 2.7%, at €70.1m. For the fourth quarter: Excluding Construction, APRR’s consolidated revenue totalled €545.9m, an increase of 4.8% from €521.1m a year earlier. Toll revenues were up 4.7% at €527.3m, supported by a 3.3% increase in LV traffic and a +3.4% increase in HV traffic. Revenue from retail facilities, telecommunication and other were up 7.8%.
Q3 update: Contracting trend reversal
08 Nov 16
Eiffage published a mitigated set of Q3 results. Results During the nine-month period, group revenue reached €10.1bn, down 0.8% yoy. The Contracting activities were down by 2.1% (-2.6% lfl), reflecting the relatively good performance of the Construction division, up 2.4% (+1.3% in France and +6.7% abroad), more than offset by the weaker results of the Infrastructure and Energy divisions, down 1.5% and 7.1%, respectively. Finally, the Concession activities generated €1,952m of revenue, up 4.9% yoy. During the third quarter, group revenue reached €3,565m, up 0.7% yoy. The Contracting activities were down by 0.2%. Construction was down 2.4%, Infrastructure was up 2.7% and Energy down 1.9%. Finally, concessions were up 4.3%, at €732m. The order book for the contracting activities reached €11.9bn, up 4.8% yoy (+7.5% excluding the BPL project), representing c.12.7 months of Contracting activity. Guidance The group confirmed its guidance of a slight decline in activity and improved results over 2016 as a whole. Other developments The company also confirmed that AREA, the APRR subsidiary, has signed an acquisition contract regarding the Bouygues Group’s entire 46.1% interest in ADELAC capital, the concessionaire for the A41 North motorway between Annecy and Geneva for €130m. At closing, AREA will sell this 46.1% to Eiffage and Macquarie. Eiffage’s stake will remain accounted for as an equity associate.
APPR Q3 update
21 Oct 16
APRR released its revenue and traffic update for the 9-month and Q3 periods. For the 9-month period: Excluding Construction, APRR’s consolidated revenue totalled €1,781.9m, an increase of 5.3% from €1,692.7m a year earlier. Toll revenues were up 5.4% at €1,641.8m, supported by a 3.6% increase in LV traffic and a +4.9% increase in HV traffic. Revenue from retail facilities, telecommunication and other were up 1%. For the third quarter: Excluding Construction, APRR’s consolidated revenue totalled €665.4m, an increase of 4.6% from €635.9m a year earlier. Toll revenues were up 4.7% at €617.0m, supported by a 3.6% increase in LV traffic and a +2.7% increase in HV traffic. Revenue from retail facilities, telecommunication and other were up 2%.
H1 16 results: EBIT margin improvement and order book back on track
01 Sep 16
- Consolidated revenues €6.5bn, -1.6% (-2% lfl); - EBIT +13.6% with operating margin improvement (+104bp to 10.4%) with the contribution of contracting; - Net profit attributable to holders of the parent +68% to €133m (despite higher restructuring costs mainly at Metallic Construction); - Net debt: -€0.4bn over 12 months and +€0.3bn since 01/01/2016; - Order book: €12.1bn, up 1.6% (+4.7% excluding BPL) since 01/01/2016 (12.8 months activities); - Increase in liquidity to €2.4bn at 30/06/2016 (vs €2.1bn at 30/06/2015). Eiffage reiterated its guidance for a FY 16 increase in net attributable profit. Post-closing event: 3 acquisitions of medium.
Excellent H1 16 traffic, question marks after the Brexit vote and Nice's terrorist attacks
22 Jul 16
H1 16 traffic (number of kms travelled) +4.1% vs H1 15 with: Light vehicles +3.7% Heavy vehicles +6% Excluding Construction, Q2 16 APRR’s consolidated revenue: €575.7m + 4.6% (+€25m) Q2 16 traffic +1.8% with: Light vehicle +0.7% (unfavourable calendar effects) after +6.5% in Q1 15 (favourable weather effect) Heavy vehicles +8% (favourable calendar effects and traffic diversions linked to bad weather) after +3.9% in Q1 15
The tide is turning
20 Apr 17
Any investor worth their salt knows it is impossible to precisely call a bottom in a particular stock. For Gattaca, though, we believe this moment has now passed given the compelling valuation (6.9x EV/EBIT vs 9.8x sector average), attractive 9.8% unlevered cashflow yield and constructive secular trends supporting its specialist markets. Sure, Net Fee Income (NFI) like-for-likes (LFL) have fallen of late, yet equally there are now early indications that organic growth may soon turn positive.
19 Apr 17
We take a look at the supply and demand dynamics of the world’s largest diamonds. Less than 200 very large (>200 carat) gem quality diamonds have ever been found, yet 23 of these have been found in the past three years. This dramatic increase is being driven by a combination of the rapid increase in the number of billionaires and hence price and demand, combined with technological developments that have improved large diamond recovery and a certain amount of geological good luck.
19 Apr 17
Lombard Risk Management* (LRM): Beats demanding growth and profit forecasts (CORP) | Frontier Developments* (FDEV): Steaming ahead (CORP) | Tax Systems* (TAX): Right place, right time (CORP) | Acal (ACL): Stronger H2 and brighter outlook (BUY) | Fenner (FENR): Interim results signal upgrades (BUY) | Minds + Machines* (MMX): US and Europe domain sales (CORP)
N+1 Singer - Small-cap quantitative research - Growth style screen revamp and 10 focus stocks
06 Apr 17
We have reviewed the performance of our consistent growth screen since the previous refresh on 27 September 2016 and revamped the selection parameters to focus more on forecast sales and EPS growth going forward. In the period under review the consistent growth style screen outperformed the small-cap benchmark by c. 6% and underperformed the microcap index by a similar amount. Interestingly, although growth doesn’t always seem to be defensive as might be expected, however it appears right to buy growth on dips caused by or coincident with wider market volatility. In the new forecast growth screen we take a close look at 10 focus stocks. We will monitor performance and refresh it in three to four months time.