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.
Panmure Morning Note 02-12-16
02 Dec 16
Today James Halstead will be holding its 101st AGM. Trading during the first part of FY17 has been mixed, with some notable challenges. However, movements in FX (i.e. weak sterling) is boosting reported earnings, offsetting UK volume trends and pricing pressures. Whilst earnings are likely to be second half weighted, the picture is in-line with expectations and we are leaving our FY17 PBT estimates unchanged (£47.4m in FY17 vs £45.4m FY16).
06 Dec 16
600 Group* (SIXH): Interim results: order book showing signs of improvement (CORP) | Real Good Food* (RGD): Commodity volatility impacts numbers (CORP) | Minds + Machines* (MMX): .vip goes live in China (CORP | Imaginatik* (IMTK): Interims (CORP) | iomart* (IOM): Quality business as usual (CORP) | Fulcrum (FCRM): Upgrades continue (BUY)
02 Dec 16
On 30 September 2016, when the company announced its full year results, it reported that the UK business had seen a slow start to the year, with particular weakness in repair and renewal spending by the NHS as well as “reticence” in the education sector. However, with the UK only representing about a third of the business, this weakness was expected to be more than offset by the positive effect of a weakened sterling on its overseas business, given the benefits for competitiveness and margins.
Exceptional trading continues
08 Nov 16
Keywords has announced that the strong trading in localisation and audio services has continued into H216. In particular, the Synthesis business acquired in April continues to benefit from exceptionally strong trading. Full-year results are now expected to be materially ahead of consensus and we upgrade our FY16e EPS by 13%. Erring on the side of caution, we have not changed our FY17 estimates significantly. Nevertheless, we believe the company does have a platform to sustain double-digit earnings growth, and hence medium-/long-term prospects for further share appreciation remain good.
06 Dec 16
Acal’s H117 results reflected the weaker demand that was previously flagged combined with positive FX trends. Design & Manufacturing (D&M) continues to grow as a proportion of total revenues and profits and management has raised its targets for this part of the business. The company continues to consider further acquisitions, recently increasing its debt facility to support its growth strategy. The outlook for FY17 is unchanged – based on H117 order inflow, H217 is expected to be stronger and we leave our earnings forecasts substantially unchanged.