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.
20 Feb 17
Hayward Tyler Group* (HAYT): Trading update and financial position (CORP) | Petra Diamonds (PDL): Interim results (BUY) | Gemfields* (GEM): Interim results (CORP) | Premaitha Health* (NIPT): Middle East momentum (CORP) | Sound Energy (SOU): Acquisition update and TE-8 well spud (HOLD) | Proactis* (PHD): Interim trading on track (CORP) | 7digital* (7DIG): Automotive contract win (CORP)
21 Feb 17
Lighthouse Group* (LGT): Middle Britain growth (CORP) | Utilitywise* (UTW): Double-digit sales growth (CORP) | Trakm8* (TRAK): Earnings expectations cut again (CORP) | dotDigital* (DOTC): Myriad growth opportunities (CORP) | Artilium* (ARTA): Five-year Telenet deal secured and prepaid (CORP) | Netcall* (NET): Cloud investment pays off (CORP)
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.
N+1 Singer - Small-cap quantitative research - New quality style screen + 11 quality focus stocks
09 Feb 17
We introduce our fourth and final style screen representing “quality”. This screens for stocks with the best combination of high returns on capital/equity, EBIT margins and operating cash-flow conversion rates. These criteria should help us monitor how strong underlying returns translate into share price performance over time and under varying market conditions. The screen selects the “best” 25 stocks from our universe of just over 500 stocks and, as usual, we focus on a shorter list of stocks we cover or otherwise know and believe to be particularly interesting. We provide brief investment summaries on these focus stocks on pages 4 – 9. We will monitor performance and refresh the screen in approximately 3-4 months time.
N+1 Singer - Morning Song 22-02-2017
22 Feb 17
CORETX (COR LN) Contract wins and new Lifestyle facility | Gooch & Housego (GHH LN) Solid Q1 trading plus earnings enhancing acquisition of StingRay Optics | NCC Group (NCC LN) Further issues in Assurance | PCI-PAL (PCIP LN) Strong H1 underpins positive outlook | UBM (UBM LN) Results | Verona Pharma (VRP LN) Phase IIa RPL554 add-on trial to tiotropium commenced
N+1 Singer - Morning Song 23-02-2017
23 Feb 17
Genus (GNS LN) Interim results: R&D step-up, disappointing ABS performance | Howden Joinery Group (HWDN LN) Prelims and net cash better than expected but conditions weaken | Oxford Pharmascience Group (OXP LN) Encouraging interim OXPzero™ Ibuprofen exploratory PK data | StatPro Group (SOG LN) Increased majority shareholding in Infovest Consulting | Wilmington Group (WIL LN) Interims slightly ahead, move to focus on 3 verticals