Overall, FCC published a mixed set of results, which disappoint us until we reach the bottom line, which was satisfactory, as EBITDA and EBIT missed their respective consensus. FCFE remains negative yet again due to poor working capital management and, in our opinion, explains why management divested 49% of Aqualia: the company was certainly in need of cash.

27 Feb 2019
FY18: progress but net debt/controlled EBITDA remains at 3.6x and FCFE negative

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FY18: progress but net debt/controlled EBITDA remains at 3.6x and FCFE negative
Fomento de Construcciones y Contratas, S.A. (FCC:FRA) | 0 0 0.9% | Mkt Cap: 3,516m
- Published:
27 Feb 2019 -
Author:
Felix Brunotte -
Pages:
3 -
Overall, FCC published a mixed set of results, which disappoint us until we reach the bottom line, which was satisfactory, as EBITDA and EBIT missed their respective consensus. FCFE remains negative yet again due to poor working capital management and, in our opinion, explains why management divested 49% of Aqualia: the company was certainly in need of cash.