Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on SACYR SA. We currently have 6 research reports from 1 professional analysts.
Frequency of research reports
Research reports on
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.
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.
N+1 Singer - Small-cap quantitative research - Momentum screen refresh + 10 focus stocks
12 Jan 17
We have refreshed our momentum style screen for the first time since inception on 26 July 2016. As before, the screen selects the 25 stocks exhibiting the most extreme momentum characteristics, according to our measurement method. From these we have selected 10 to focus on. Since inception the screen has underperformed both the main small-cap and micro-cap indices against a background of generally rising momentum. We have noted a subset of the basket, where decelerating momentum at the time of measurement appears correlated with significant share price falls since selection. We shall monitor this factor with the new screen, albeit there are only two such stocks showing this pattern, namely Lamprell (not rated) and Gear4music (not rated).
N+1 Singer - Morning Song 12-01-2017
12 Jan 17
As anticipated, the second half has again been stronger than H1 and results will be broadly in line with expectations. In line with this, the order book has continued to grow and is at record levels. This confirms that significant progress has been made in the Group’s shift towards its Technology Products division which, as targeted, contributed c.60% of group revenue in FY16. The small acquisition of Cable Power also gives a complementary boost to the product range. It is also worth noting the significant reduction in net debt, £1.0m ahead of our forecast. We remain supportive of the Group’s strategy and continue to see a bright future as this transition towards a design led technology solutions business continues. We look forward to more detail in March at the final results.
The Monthly January 2017
09 Jan 17
Despite all the hullaballoo of the Brexit vote and the subsequent election of Donald Trump as the next US President, the UK stock market prospered last year, especially in the latter few months of 2016. The combination of a depreciating currency – making $ earnings more valuable in relative terms - and the Trump emphasis on infrastructure expenditure drove the stock market higher
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.