Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on SACYR SA. We currently have 7 research reports from 1 professional analysts.
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As usual, absence of a cash flow statement seen as a yellow flag
07 Mar 17
Key information: • EBITDA increased by 13%. • EBITDA margin of 12.6%. • EBIT totalled €208m, representing an increase of 41%. • EBIT margin at 7.2%. • Net financial expense decreased by 15%. • Net profit of €120.2m. • The revenue backlog reached €25,956m.
Good performance but below our expectation
01 Aug 16
Key information: • Revenue increased by +5.6%. • EBITDA increased by +6.5%. • EBITDA margin at 11.7%, a +10bp increase • Operating income increased by +17.8%. • Operating margin at 8.2%, up by 80bp. • Net financial expenses decreased by 16.2%. • EBT at €86m in H1 16 vs €33m in H1 15 notably thanks to a €20.5m gain on sales. • Profit from continuing operations up by 79% thanks partly to the gain in sales. • Backlog up by 10%. • Net debt decreased by 22.5%.
Tight cash flow generation?
10 Mar 16
Key information: • Sales increased by 8.5%. • EBITDA increased by 33% to €318m. • EBITDA margin increased to 10.7% from 8.8%. • EBIT decreased by 24% because of higher depreciation & amortisation expenses as well as an increase in provisions. • Adjusted EPS at €-0.58 vs consensus of €0.01. • Group’s net financial debt was down by 34% to €4.2bn. • Corporate debt decreased by 88% notably thanks to the sale of Testa. • Backlog up by 8.1% to €26.8bn. • As for FCC, strong growth in the international activity of the Construction division.
Modest impairment of the Repsol stake
24 Nov 15
h1. Key information • Revenue up 15% (compared to 2014 figures excluding Testa) to €2.1bn. • EBITDA up 51% on a reported basis and 11% excluding scope effects. • Net operating profit up 18%. • Backlog up 9% to €31.2bn mainly due to the consolidation of concession assets. • €1.3bn gain on the sale of Testa. • 23% residual stake in Testa. • Deleveraging thanks to the Testa sale. • As expected impairment of Repsol stake (€373m, we expected €550m). • In Q3, repayment of €600m of a loan linked to the stake in Repsol with Testa's proceeds. • Incorporation of concession projects resulted in an increase in net debt by €561m in Q1. • Net debt decreased to €4.2bn at end of September 2015 compared to €7.1bn at end of March 2015.
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.
Panmure Morning Note 26-04-2017
26 Apr 17
The interims highlighted the dilutive impact of equity raise in November 2016 with profit before tax growing by 9% yoy but EPS growing by just 5% yoy. At end-February, the cash balance had reached £15m, of which £5.5m is earmarked for the completion of the new factory. As the company remains cash generative, we expect the company to end fiscal 2017 with just under £13m of cash. We eagerly wait to see how this cash will be invested and drive returns.
N+1 Singer - Small-cap quantitative research - Growth style screen revamp and 10 focus stocks
06 Apr 17
We have reviewed the performance of our consistent growth screen since the previous refresh on 27 September 2016 and revamped the selection parameters to focus more on forecast sales and EPS growth going forward. In the period under review the consistent growth style screen outperformed the small-cap benchmark by c. 6% and underperformed the microcap index by a similar amount. Interestingly, although growth doesn’t always seem to be defensive as might be expected, however it appears right to buy growth on dips caused by or coincident with wider market volatility. In the new forecast growth screen we take a close look at 10 focus stocks. We will monitor performance and refresh it in three to four months time.
N+1 Singer - Trifast - FY17 results ahead of expectations
20 Apr 17
Trifast has provided a positive year end trading update, with good performances across all geographies. Results for FY17 are guided to be ahead of expectations, with year end net debt also lower than previously expected. FY18 has also started well, although management has reiterated slight caution regarding margins due to rising input costs. We anticipate increasing our PBT forecasts by a mid-single digit percentage, and also reducing our net debt estimates. We remain positive on prospects for Trifast and expect the share price to respond positively today.