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.
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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%.
The tide is turning
20 Apr 17
Any investor worth their salt knows it is impossible to precisely call a bottom in a particular stock. For Gattaca, though, we believe this moment has now passed given the compelling valuation (6.9x EV/EBIT vs 9.8x sector average), attractive 9.8% unlevered cashflow yield and constructive secular trends supporting its specialist markets. Sure, Net Fee Income (NFI) like-for-likes (LFL) have fallen of late, yet equally there are now early indications that organic growth may soon turn positive.
19 Apr 17
We take a look at the supply and demand dynamics of the world’s largest diamonds. Less than 200 very large (>200 carat) gem quality diamonds have ever been found, yet 23 of these have been found in the past three years. This dramatic increase is being driven by a combination of the rapid increase in the number of billionaires and hence price and demand, combined with technological developments that have improved large diamond recovery and a certain amount of geological good luck.
19 Apr 17
Lombard Risk Management* (LRM): Beats demanding growth and profit forecasts (CORP) | Frontier Developments* (FDEV): Steaming ahead (CORP) | Tax Systems* (TAX): Right place, right time (CORP) | Acal (ACL): Stronger H2 and brighter outlook (BUY) | Fenner (FENR): Interim results signal upgrades (BUY) | Minds + Machines* (MMX): US and Europe domain sales (CORP)
Small Cap Breakfast
19 Apr 17
Global Ports Holding—Intention to float on Standard List. International cruise ports operator. Seeking $250m raise including $75m primary offer. Dorcaster—Schedule One Update. Admission now expected 3 May. RTO of Escape Hunt raising £14m at 135p Verditek— Intention to float on AIM. On Admission, the Company's subsidiaries will be involved in advanced solar photovoltaic, filtration and absorption technologies specialising in providing environmental services. Raising £3.5m. Admission in May. Eddie Stobart Logistics— Schedule 1. Admission expected 25 April but capital raising details TBC. ADES International Holding— Intends to join the Standard List in May raising up to $170m plus a vendor sale. Provider of offshore and onshore oil and gas drilling and production services in the Middle East and Africa. Admission expected in May. Tufton Oceanic Assets– Offer extended to 9 May to enable investors to complete further due diligence.