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 8 research reports from 1 professional analysts.
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FOMENTO DE CONSTRUC Y CONTRA
FOMENTO DE CONSTRUC Y CONTRA
FCC: adjusted FCFE still negative but expected to improve in 2017
06 Feb 17
Key information: • Net revenue fell 8.1% to €5.95bn. • EBITDA rose 2.3% to €833.7m. • EBITDA margin rose from 12.6% in 2015 to 14.0% in 2016. • EBIT dropped 71% to €93.6m. • FCC 2016 net loss rose to €165.2m from a €46.3m loss a year earlier. • Loss compares with €146.2m average loss predicted in a survey of six analysts. • FY profit was hit by a goodwill adjustment in cement of €299.9m in Q3. • FCC reduced its net debt by €2bn.
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_
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)
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.
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)
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.
Emerging from the clouds
16 Feb 17
Rolls-Royce’s underlying performance in FY16 was ahead of both its own and market expectations. Media focus on the non-cash £4.4bn headline FX loss is missing what looks to be the basis for optimism. As the civil model starts to move from investment in engines for the A350 and A330neo into the aftermarket delivery phase over the remainder of the decade, we think cash flow is likely to improve, particularly if supported by an eventual recovery in Marine.