According to management’s presentation, the bridge financing linked to the acquisition of Abertis is not included in net debt as the transaction is not yet completed and does not reflect the final situation, which is somewhat a lack of transparency. But after years of analysing southern European companies, this coes as no surprise. Following this earnings result, we will revise our expectations and we shall leave our recommendation unchanged.
31 Jul 2018
H1 18: outstanding performance on a FX-adjusted-basis, lack of transparency on Abertis
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H1 18: outstanding performance on a FX-adjusted-basis, lack of transparency on Abertis
ACS Actividades de Construccion y Servicios SA (ACS:WBO) | 0 0 1.2% | Mkt Cap: 9,103m
- Published:
31 Jul 2018 -
Author:
Felix Brunotte -
Pages:
3
According to management’s presentation, the bridge financing linked to the acquisition of Abertis is not included in net debt as the transaction is not yet completed and does not reflect the final situation, which is somewhat a lack of transparency. But after years of analysing southern European companies, this coes as no surprise. Following this earnings result, we will revise our expectations and we shall leave our recommendation unchanged.