Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on FOMENTO DE CONSTRUC Y CONTRA. We currently have 7 research reports from 1 professional analysts.
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FOMENTO DE CONSTRUC Y CONTRA
FOMENTO DE CONSTRUC Y CONTRA
Misleading growth in EBITDA, adjusted FCFE still negative
27 Oct 16
Key information • Net sales decreased by 8.6%. • EBITDA increased by 3.4%. • EBITDA margin increased by 1.6pp to 14.0%. • EBIT was negative due to the impairment of goodwill in the cement business for €299.9m. • Net debt decreased by 23.7% to €4.2bn compared to the end of 2015 thanks to a capital increase in Q2. • Net financial expense decrease by 22.4%.
Extraordinary items boosted the bottom line, FCC still overpriced
01 Aug 16
Key information: • Net sales decreased by 8.7%. • EBITDA up by 1.3%. • EBITDA margin improved by 130bp to 13.0%. • EBIT decreased by 22.1%, but adjusted EBIT increased by 12.1%. • EBIT margin worsened by 70bp to 4.2%. • Income from continuing operations increased by 12.9%. • Net income at €54.8m in H1 16 versus €-11.9m in H1 15. • Strong operating cash flow generation at €324.8m in H1 16 vs €-131.1m in H1 15. • Net debt decreased by 19.5% to €4.4bn. • Backlog decreased by 3.1%.
Poor performance due to the strong contraction in the Construction division
09 May 16
Key information: • Revenue declined by 6.8%. • EBITDA decreased by 9.3%. • EBITDA margin at 11.1%. • EBIT decreased by 25.5%. • €17m net loss in Q1 16 versus a net profit of €6m in Q1 15. • Construction revenue declined by 19%. • Environmental activities accounted for c.90% of EBITDA. • Undersubscription of the capital increase.
Still in debt-overhang, FCC posted results roughly in line with consensus
29 Feb 16
h2. Key information • Revenue increased by 2.2%. • EBITDA increased by 1.3%. • Net loss of €46m vs net loss of €742m in 2014. • Adjusted EPS of €0.16 vs consensus of €0.13. • Backlog decreased by 1.5%. • No improvement in operating cash flow which remains roughly stable compared to 2014. • Increase in net debt by 9% to €5.5bn. • FCC is committed to taking the necessary steps to increase its capital by €710m at an issue price of €6 per share. The transaction is intended to strengthen the group's capital structure and reduce interest-bearing debt. • The company will, however, remain overleveraged.
Board of Directors approve capital increase
22 Dec 15
FCC’s management announced on the evening of 17 December that a capital increase of €709.5m was approved by the Board of Directors. In our opinion, the capital increase is good news. The price seems fair for current shareholders (the previous capital increase was done at a 50% discount at €7.5 – please see 13/11/2015 Latest – whereas this one is done at a premium). A €709.5m capital increase at €6 per share means that 118.5m shares have been raised, namely a c.20% difference with our forecast. This will allow the company to buy back the tranche B debt (see table below) and to avoid a costly dilution from the conversion of tranche B debt to FCC shares, which was the main factor in the sharp decrease in the share price during the last few months in our opinion (the lower the share price, the higher the potential dilution from conversion, which engendered a vicious circle). p=.*Debt restructuring* p=.!debt.PNG! p=._Source: FCC’s presentation_
New capital increase expected
13 Nov 15
Key information : • Revenue up by 4.4% to €4,792m over 9m15. • EBITDA increased by 2% over 9m15. • EBITDA margin decreased from 12.7% to 12.4% over 9m15. • EBIT at €274m for 9m15 versus €-461m for 9m14. • Net result at €-21.5m for 9m15 versus €-796.3m for 9m14. • Net financial expenses decreased by 27%. • Operating cash flow, revised for interest paid, remains in negative territory. • Net equity remains roughly stable (compared to December 2014) at a low level, namely €517m. • Net debt (comprising financial assets) increased by 14% to €5,718m compared to the end of 2014. • Backlog decreased by 1% compared to December 2014. • Carlos M Jarque has been appointed CEO. • In June, AGM agreed upon a capital increase of up to 50% of the actual number of shares.
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.
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.
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.
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)
Trading conditions difficult but acquisitions underpin growth
23 Jan 17
FY16 revenue will be £53.7m (FY15: £44.8m), in line with ZC estimate of £53.9m, showing growth of c. 20% yoy underpinned by the three acquisitions undertaken in the year. However, due to higher costs relating to the acquisitions and, to a lesser extent, gross margin pressure, PBT will be in the region of £7.0 to £7.2m equating to growth of between 5.5% and 8.0%. As a result, FY16 ZC profit forecast is reduced by 8.0% to £7.0m. The impact in FY18 and FY19 is muted by the announcement of a further acquisition leading to an increase in revenue estimates of 8.7% whilst profit estimates fall c.4.5% in each year, respectively. Despite the decrease in forecasts the PER multiple on FY17 earnings remains single digit at just 9.1x, against a distributor average of 15.8x. With commitment to the forecast dividend increase reiterated, Flowtech offers an above average yield of 4.1%