Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on SACYR SA. We currently have 5 research reports from 1 professional analysts.
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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.
08 Dec 16
Elderstreet stake acquired 02 GENERAL NEWS Globalworth premium In this issue Venture capital firm Draper Esprit has taken a 30.8% stake in venture capital trust manager Elderstreet. Both investment managers focus on the technology sector and they will be able to co-invest. Elderstreet has investments in a number of AIM-quoted companies through its VCTs. The purchase was funded by an issue of Draper Esprit shares worth just over £250,000. Simon Cook, the chief executive of Draper Esprit, is a former partner at Elderstreet so he knows the business and the people who run it, although he did leave more than 14 years ago. Cook has previously acquired portfolios from 3i and Cazenove, two other firms where he has worked. Draper Esprit has an option to acquire the remaining shares in Elderstreet, which has more than £25m under management. Adding Elderstreet to the group enables Draper Esprit to offer investors a range of EIS funds, VCTs and an ISA qualifying listed evergreen patient capital fund. The enlarged group has venture capital assets under management of more than £350m. At the end of September 2016, Draper Esprit had a net asset value of 352p a share, which is similar to the current share price. The June 2016 flotation price was 300p a share. Draper Esprit is quoted on Ireland’s Enterprise Securities Market as well as AIM.
Focused on the long term
08 Dec 16
These are rare events but it is nice to see a management use its public listing advantageously to trade short-term dilution in EPS for the optionality of asymmetric upside in the long term. With over £10m already in the balance sheet, ABD has successfully raised £5.4m gross in a placing and expects to raise another £1m from an offer. We were not surprised to learn that the placing was over 3.5x oversubscribed. How many listed UK companies are positioned to take advantage of the digital revolution in the automotive industry? The additional investment in new people, facilities, products & services should be dilutive to FY2017-18 EPS but this is small price to pay to establish the leading supplier of integrated test, measurement and simulation solutions to the autonomous vehicle industry. Our forecasts assume that growth will accelerate from FY2019. We raise our target price to 575p based on 15x FY2019 EPS, equivalent to Ricardo, the only other UK stock which has embraced the optionalities offered by the technological changes in the automotive industry.
07 Dec 16
Severfield’s (SFR’s) H117 results were well ahead of the previous year; margin performance and order book development cause us to raise our FY17 profit expectations. This combination has also proved to be a catalyst for share price outperformance following the results. Revenue growth and further margin development towards management’s stated aim of doubling FY16 PBT by 2020 can sustain further progress.
Exceptional trading continues
08 Nov 16
Keywords has announced that the strong trading in localisation and audio services has continued into H216. In particular, the Synthesis business acquired in April continues to benefit from exceptionally strong trading. Full-year results are now expected to be materially ahead of consensus and we upgrade our FY16e EPS by 13%. Erring on the side of caution, we have not changed our FY17 estimates significantly. Nevertheless, we believe the company does have a platform to sustain double-digit earnings growth, and hence medium-/long-term prospects for further share appreciation remain good.
N+1 Singer - Waterman Group - Encouraging AGM statement in line with expectations
09 Dec 16
This morning’s AGM Statement confirms that trading in the first four months of the year to 31st October was in line with expectations. Revenue was slightly above the prior year period and cash collection has remained strong. The Group has reiterated its commitment to maintaining a progressive dividend policy. The statement is encouraging and we therefore leave our forecasts unchanged. We note the attractions of a 5% dividend yield and consider the shares inexpensive at 4.5x FY’17 EV/EBITDA.