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.
N+1 Singer - Morning Song 21-03-2017
21 Mar 17
accesso Technology (ACSO LN) Full year results in line, but key trading months still ahead | Augean (AUG LN) Double digit growth in ’16, good start to ‘17 | Earthport (EPO LN) Interims show continued top line strength | Goals Soccer Centres (GOAL LN) Good momentum under new team. It’s now all about delivery | IQE (IQE LN) FY’16 results prompt further upgrades | Microsaic Systems (MSYS LN) Challenges in 2016, strategy remains in place | mporium Group (MPM LN) Funds raised to help execute strategy | RhythmOne (RTHM LN) Dawn of the independents | ScS Group (SCS LN) Strong progress on key growth initiatives albeit comps now toughen | Sinclair Pharma (SPH LN) FY results: EBITDA ahead, Instalift™ gaining pace | Vectura Group (VEC LN) FY (9-month) results
N+1 Singer - Augean - Double digit growth in ’16, good start to ‘17
21 Mar 17
Augean reported another year of double digit growth for 2016, with profits in line with our forecasts. Sales grew by 21% excluding landfill tax, while adjusted PBT grew by 18% to £7.1m before amortisation of acquired intangibles. DPS was increased by 54% to 1.0p, 25% ahead of our estimate. The business units made further strategic progress, with revenues from their top 20 customers increasing from 42% to 43% of the total, of which 88% was under contract or a framework agreement, increasing forward visibility. There has been an encouraging start to 2017 and management is confident of delivering another year of profits growth. The shares trade on undemanding single digit multiples, offering good value.