FCC showed good top-line growth of 4.8%, with growth observed along all its segments. As expected, the company showed an improvement in operational efficiency with each segment seeing double-digit growth in EBITDA. It has consolidated Cedinsa Group which has had a positive impact on its income statement but has resulted in a weaker balance sheet. The company’s order book is 7% higher than in 2018 which gives us confidence going forward. We reiterate our Add recommendation.
04 Mar 2020
FY19: better top-line result with profits in line with our expectations
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FY19: better top-line result with profits in line with our expectations
Fomento de Construcciones y Contratas, S.A. (FCC:FRA) | 0 0 0.9% | Mkt Cap: 3,516m
- Published:
04 Mar 2020 -
Author:
Sejal Varshney -
Pages:
2
FCC showed good top-line growth of 4.8%, with growth observed along all its segments. As expected, the company showed an improvement in operational efficiency with each segment seeing double-digit growth in EBITDA. It has consolidated Cedinsa Group which has had a positive impact on its income statement but has resulted in a weaker balance sheet. The company’s order book is 7% higher than in 2018 which gives us confidence going forward. We reiterate our Add recommendation.