An under-proportional increase in EBITDA (compared to growth in sales) was offset by significantly lower financial expenses. Overall, the company posted a good set of results. Following this earnings release, we expect little change to our valuation, with a slight upside revision being the more likely. The Add recommendation is confirmed.
09 May 2019
Q1 19: under-proportional increase in EBITDA offset by significantly lower financial expenses
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Q1 19: under-proportional increase in EBITDA offset by significantly lower financial expenses
Fomento de Construcciones y Contratas, S.A. (FCC:FRA) | 0 0 0.9% | Mkt Cap: 3,516m
- Published:
09 May 2019 -
Author:
Felix Brunotte -
Pages:
3
An under-proportional increase in EBITDA (compared to growth in sales) was offset by significantly lower financial expenses. Overall, the company posted a good set of results. Following this earnings release, we expect little change to our valuation, with a slight upside revision being the more likely. The Add recommendation is confirmed.