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 7 research reports from 1 professional analysts.
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ACS ACTIVIDADES CONS Y SERV
ACS ACTIVIDADES CONS Y SERV
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%.
Negatively impacted by the sale of renewable assets
13 Nov 15
Key information : • Sales up by 3.6% to €26.4bn, but down 3.2% when excluding currency effects. • EBITDA increased by 4.7% to €1.8bn, up 2% when excluding currency effects. • Net profit up 4.2% to €574m. • Order book up 3.7% to €64.8bn. • International activity accounts for 83% of revenue. • Net debt drops by 34% to €3.9bn.
The Slide Rule
12 Jan 17
What is The Slide Rule? The Slide Rule has been designed to dramatically simplify the identification of the best companies in the UK small/mid-cap sector by making a quantitative assessment of the relative potential of each company. At its core, The Slide Rule aims to identify those companies that create genuine shareholder value through strong returns on capital and solid growth, but also present a value opportunity with the potential tailwind of earnings momentum. Companies are assessed within a Quality, Value, Growth and Momentum (QVGM) framework.
16 Jan 17
We take a look at the rankings of the various countries in Africa that have a significant exposure to mining. We take the Transparency International corruption rankings as our starting point and modify these for exceptional geology and for current UK government travel warnings. Ghana, Botswana and Namibia come out as our top three, with Eritrea, Kenya and Zimbabwe at the bottom of our rankings.
19 Jan 17
Aggregated Micro Power* (AMPH): Funding for first peaking power plant project (CORP) | The Mission Marketing Group* (TMMG): Positive trading update (CORP) | Cello (CLL): Increasingly backed by, and leveraging, technology (BUY) | 4imprint (FOUR): Growth backed by strong cash flow continues (BUY) | Allergy Therapeutics (AGY): Positive trading update and market share gains drive upgrades (BUY) | Shanta Gold (SHG): Q4 operating results (BUY) | Sound Energy (SOU): Tendrara extended well test result (BUY) | Revolution Bars (RBG): Price target increase (BUY)
Small Cap Breakfast
17 Jan 17
Global Energy Development (GED.L) — To be renamed Nautilus Marine Services. Schedule 1 from developer and seller of hydrocarbons and related products. Reverse takeover. Raising $10.5m via a convertible. Expected 9 Feb. Eco (Atlantic) Oil & Gas—TSX-V listed oil and gas exploration has announced its intention to float on AIM. Assets in Guyana and Namibia. Proposed £2m-£3m fundraise. Diversified Gas & Oil—According to LSE website first day of trading on AIM now expected for 30 January.
N+1 Singer - St Ives - Downgrade
19 Jan 17
Marketing activation has been impacted by further decline in grocery retail impacting profit by c£5m. Strategic The Company is also taking this opportunity to revise its guidance for Strategic Marketing as its recovery pace is not running at the planned target rate. PBT falls from N1Se £31.9m to £25m. The Company expects dividend to be held based upon lowered guidance and the implied cash flow performance. There do not appear to be any covenant issues. Forecasts and TP under review and downgrade to Hold. We expect the shares to test the 100p level.
N+1 Singer - Morning Song 19-01-2017
19 Jan 17
Actual Experience (ACT LN) 2017 – a milestone year for revenue | Bagir Group (BAGR LN) Independent NED appointment to strengthen Board composition | Bioquell (BQE LN) Reassuring pre-close statement | Carador Income Fund (CIFU LN) Q4 dividend increased to 2.75c, 0.5c higher than forecast | FreeAgent (FREE LN) Contract with Royal Bank of Scotland | Halfords Group (HFD LN) Excellent Q3 update, special divi and confidence in FX mitigations | N Brown Group (BWNG LN) Robust peak trading with reversal of drag from older titles | NCC Group (NCC LN) Interims confirm underlying business sound | St Ives (SIV LN) Downgrade | Summit Therapeutics (SUMM LN) Dr David Roblin appointed Chief Operating Officer and R&D President | Wilmington Group (WIL LN) Acquisition – Further scaling of Healthcare