Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on ACS ACTIVIDADES CONS Y SERV. We currently have 8 research reports from 1 professional analysts.
Frequency of research reports
Research reports on
ACS ACTIVIDADES CONS Y SERV
ACS ACTIVIDADES CONS Y SERV
Strong cash flow generation in 2016, expecting further improvement in 2017
06 Mar 17
Key information: • Sales reached €31.97bn, 2.7% less on a lfl basis and a decrease of 4.0% on a reported basis. • EBITDA decreased by 2.6% on a lfl basis and by 5.5% on a reported basis. • EBITDA margin was stable at 6.3%. • EBIT increased by 6.0%, on a lfl basis and by 1.7% on a reported basis. • EBIT margin improved by c.25bp to 4.5%. • Attributable net profit increased by 4.3% on a lfl basis and by 3.5% on a reported basis. • Backlog increased by 12.9% up to €66.53bn. • Net debt decreaseds by 53.7% to €1.21bn (0.6x EBITDA).
Trumped ACS: US infrastructure, CIMIC’s and Hochtief’s improvements make a buying opportunity
16 Nov 16
Key information (9m figures): • Sales decreased by 5.3% on a lfl basis. • EBITDA down by 2.2% on a lfl basis. • EBITDA margin improved by 20bp to 6.5%. • EBIT increased by 6.6% on a lfl basis. • EBIT margin improved by 50bp. • Net financial expenses down by 38%. • Net profit up 2.4% on a lfl basis and decreased by 0.7% on a reported basis to €570m. • Backlog up 9.1%. • Net debt decreased by 29%.
Divestment of Urbaser for €2.3bn according to El Confidential
26 Sep 16
ACS has asked China’s CNTY for a downpayment of €150m in the next 10 days for sale of its refuse collection business, Urbaser, El Confidencial reported at the end of last week citing unnamed sources. Urbaser’s sale could be valued at ~€2.3bn and could be finalised in the coming days. If the deal take place this could be done at an EV/EBITDA higher than 7x, in our opinion, which underlines our investment thesis that ACS deserves a rerating since it is worth more broken apart than together. From the 2015 AR: ”In the Environment area, the ACS Group focuses on its Environmental Services mainly through Urbaser, its Facility Management through Clece, and its Logistics Services through Sintax. The Environment Services activity implemented by Urbaser is in turn divided into two differentiated areas, Urban Services and Waste Treatment.”
Improved bottom-line performance at Hochtief and CIMIC
01 Aug 16
Key information: • The sale of renewable assets in 2015 had a negative effect on the reported performance. • Revenue reported down by 8.2% and -5.3% on a lfl basis. • EBITDA down by 6.9% and stable on a lfl basis. • EBIT down by 0.9% and up by +7.8% on a lfl basis. • Attributable net profit down by 4.7% and stable on a lfl basis. • Backlog up by +3.3% and by +6.1% on a lfl basis. • Pre-tax and pre-WC FFO increased by +41% and FFO improved by 21%. • Net debt increased by +6.6%.
Satisfactory Q1, ACS deserves a rerating
13 May 16
Key information • Revenue decreased by 4.7% on a lfl basis but 1% positive surprise on consensus. • EBITDA decreased by 3.4% on a lfl basis. • EBITDA margin improved by 10bp to 7.5%. • EBIT increased by 3.2% on a lfl basis. • EBIT margin improved by 40bp to 5.4%. • Net income rise by 6.3% but 21% positive surprise on the EPS. • Backlog increase by 6.6% on a lfl basis. • Net debt remains stable.
Strong cash flow generation and significant reduction in net debt
29 Feb 16
h2. Key information: • Revenue up by 0.1%. • EBITDA down by 5.6% but rose by 3.6% when excluding scope effect. • EBIT decreased by 8.5% but up by 5.8% when excluding scope effect. • Net profit up by 1.1% but increased by 13.1% when excluding scope effect. • Cash flow from operation up by 144% from €0.8bn to €2bn notably thanks to a €625m working capital improvement. • Net debt down by 30% from €3.7bn to €2.6bn thanks to the strong cash generation. • Net debt/EBITDA ratio at 1.1x. • Order book grew by 5%.
N+1 Singer - Morning Song 21-03-2017
21 Mar 17
accesso Technology (ACSO LN) Full year results in line, but key trading months still ahead | Augean (AUG LN) Double digit growth in ’16, good start to ‘17 | Earthport (EPO LN) Interims show continued top line strength | Goals Soccer Centres (GOAL LN) Good momentum under new team. It’s now all about delivery | IQE (IQE LN) FY’16 results prompt further upgrades | Microsaic Systems (MSYS LN) Challenges in 2016, strategy remains in place | mporium Group (MPM LN) Funds raised to help execute strategy | RhythmOne (RTHM LN) Dawn of the independents | ScS Group (SCS LN) Strong progress on key growth initiatives albeit comps now toughen | Sinclair Pharma (SPH LN) FY results: EBITDA ahead, Instalift™ gaining pace | Vectura Group (VEC LN) FY (9-month) results
N+1 Singer - N1S Trend spotting - Strategy update
08 Mar 17
In this new product we present some strategy theme updates arising out of our latest analysis of macro trends and economic data and our innovative Quant work. We also look at upcoming events and suggest topping up on some of our Best Ideas for 2017.
N+1 Singer - Augean - Double digit growth in ’16, good start to ‘17
21 Mar 17
Augean reported another year of double digit growth for 2016, with profits in line with our forecasts. Sales grew by 21% excluding landfill tax, while adjusted PBT grew by 18% to £7.1m before amortisation of acquired intangibles. DPS was increased by 54% to 1.0p, 25% ahead of our estimate. The business units made further strategic progress, with revenues from their top 20 customers increasing from 42% to 43% of the total, of which 88% was under contract or a framework agreement, increasing forward visibility. There has been an encouraging start to 2017 and management is confident of delivering another year of profits growth. The shares trade on undemanding single digit multiples, offering good value.
Scott deal puts spotlight back on corporate strategy and valuation
17 Mar 17
The acquisition of Scott Safety by 3M announced yesterday is not a huge surprise but it puts the spotlight back on (1) Avon’s corporate strategy as two strong competitors merge and (2) Avon’s break-up valuation given the rich multiple (12.9x EBITDA) being paid by 3M. Avon and other competitors, particularly MSA Safety, cannot ignore the fact that Scott, which is the leader in SCBA (self-contained breathing apparatus) market and 3M, which derives the bulk of sales from industrial hard hats and masks, would together have the most comprehensive portfolio of products in the PPE (Personal Protective Equipment) market. The good news for investors is that if we were to apply similar EBITDA multiple, then Avon’s Protection & Defence business alone would account for the entire market cap. In effect, at the current share price, investors are getting the Dairy business for free. Our sum-of-the parts model now values the shares at 1,279p, up 7% compared with 1,200p previously.
N+1 Singer - Morning Song 22-03-2017
22 Mar 17
Carador Income Fund (CIFU LN) Premium rating restored, high levels of refinancing activity | Cello Group (CLL LN) Outlook getting brighter – watch Pulsar | Eckoh (ECK LN) Largest ever US secure payments win | eg solutions (EGS LN) Full year results in line | Futura Medical (FUM LN) Licensing deal for CSD500 in Portugal | Verona Pharma (VRP LN) Global agreement with QuintilesIMS to support development of RPL554 | Xaar (XAR LN) 2016 results slightly ahead, reduced visibility in 2017