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Research Tree offers SACYR SA research coverage from 1 professional analysts, and we have 5 reports on our platform.
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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.
Impairment of repsol stake expected in 2015
10 Sep 15
Key information : • Revenue up 14% to €1,338.6m in H1 15, lfl revenue up by only 3%. • EBITDA up 50% to €155m in H1 2015, lfl EBITDA up 16%. • Gross margin improved from 8.8% to 11.6%. • Net attributable profit increased by 2% in H1 15. • Debt down €3.6bn following the sale of Testa. • Backlog up 7% to c.€28bn.
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Fighting the waves
25 Oct 16
Management action in response to a tough trading climate and falling profits should contribute to a sound recovery in profits next year. Following share price weakness, the group is valued at a substantial discount to both the broking market leader Clarkson and to other peers. Meanwhile, if the dividend can be held, the shares offer a well above-average yield, pending an eventual improvement in trading conditions.
21 Oct 16
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FY17 expectations unchanged. Interim dividend maintained
25 Oct 16
Interims reflect tough markets which impacted Technical. Shipbroking delivered a resilient result and Logistics has performed well. The interim dividend has been held at 9.0p. The group anticipate an improvement in H2. The Board’s expectations for the year are unchanged based upon the strength of the order book due in H2, its ongoing market coverage and the benefits of action taken previously. We have retained our FY2017 PBT forecast of £8.7m and a maintained dividend. We reiterate our Buy and adjust our TP to 450p.
Doing things differently
25 Oct 16
Growing pains have impacted on its operational performance (EBIT margins 5.8% FY15 vs 12.2% FY13) and the HSS Hire valuation is at distressed levels (price to book 0.4x vs 1.3x at the time of the float). As the top-line catches up with the expanded cost base and the roll-out of the NDEC leads to greater efficiencies, margins and returns will rebound. Historical experience has shown that price to book ratios typically match these improvements (see Ashtead FY08-FY15, price to book expanded +196%). Therefore, we see scope for material upside in the share price as the expected operational recovery to progress. Our 12 month target of 115p equates to a 0.8x price to net operating assets
Risks discounted leaving significant upside
18 Oct 16
FY 2016 sales grew strongly at +22% but EPS growth lagged at +3% (our revised forecast -1%) as staff attrition and significant investment in new services held back profitability. Conversion of profit into cash improved significantly, at 240% in H2, as shorter payment terms and a lower level of extensions also benefited. We make no major changes to our forecasts and reiterate our view that Utilitywise is at the forefront of a changing energy market, supported by investment in innovative technology. The current valuation is entirely focused on the short-term challenges and ignores the growth potential supported by the new services.