Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on ELECNOR SA. We currently have 3 research reports from 1 professional analysts.
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Good performance in H1, helped by foreign activities
04 Aug 16
Elecnor released its H1 with a revenue reaching €894.3m vs €833.7m one year ago, while the EBITDA grew by 19% to €102.3m. The company’s net profit reached €32.56m vs €31.25m a year earlier. Geographically, the international market now represents 53.5% of total revenue while the domestic market (Spain) represents the remaining 46.5%.
Upturn in Spain is confirmed
13 May 16
Elecnor reported some (limited) figures for Q1 16 Main facts: Q1 16 revenue reached €416.2m, up 6.5% yoy (€390.7m). The backlog amounted to €2,544m, of which 80% corresponding to international markets. The consolidated net profit was €19.3m, up 4.4% yoy from €18.5m in Q1 15. The company gave no guidance for 2016.
Mixed results and focus on deleveraging
11 Mar 16
Elecnor reported its FY15 results showing limited progress yoy. Main facts: Sales reached €1,881m in 2015, up 9.1%, with international markets accounting for 55% and Spain for 45%. The backlog stood a €2.5bn, up 3.5% yoy, with international orders accounting for 84%. EBITDA was mostly flat yoy at €224m (vs €229m in 2015) while operating profit was 7.8% lower, which may be due to start-up costs in coutries where the company has begun operating, such as North America, and new strategic alliances. The pre-tax profit was €129m, up +11%, and the net profit surged 12% to €65.7m. The net corporate debt was €280m vs €380m in 2014, down 19.5%.
20 Feb 17
Hayward Tyler Group* (HAYT): Trading update and financial position (CORP) | Petra Diamonds (PDL): Interim results (BUY) | Gemfields* (GEM): Interim results (CORP) | Premaitha Health* (NIPT): Middle East momentum (CORP) | Sound Energy (SOU): Acquisition update and TE-8 well spud (HOLD) | Proactis* (PHD): Interim trading on track (CORP) | 7digital* (7DIG): Automotive contract win (CORP)
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.
Emerging from the clouds
16 Feb 17
Rolls-Royce’s underlying performance in FY16 was ahead of both its own and market expectations. Media focus on the non-cash £4.4bn headline FX loss is missing what looks to be the basis for optimism. As the civil model starts to move from investment in engines for the A350 and A330neo into the aftermarket delivery phase over the remainder of the decade, we think cash flow is likely to improve, particularly if supported by an eventual recovery in Marine.
15 Feb 17
At the current market capitalisation of £29m, we believe the shares are significantly undervalued. We estimate that the highly profitable Maritime business is alone worth at least £40m. With net cash of £9m at end-2016, this implies that the market is currently ascribing a combined negative value of £17m to the rest of the group, which together account for c.54% of group revenues. This is very harsh given the management actions to transform TP Group to a profit-driven Tier 2 specialist services and engineering company are bearing fruits across the divisions. TPG Managed Solutions is expected to more than double its profits in 2017, while TPG Engineering and Design & Technology are on course to deliver sustainable profits from 2019. Even if we ascribe zero value to Engineering, Design & Technology and Managed Solutions, the shares are worth 9.5p a share, a 38% upside from the current share price. BUY.
Taking the bull by the horns
15 Feb 17
Avon Rubber announced this morning that CEO Rob Rennie has left and been replaced with Paul McDonald, formerly managing director of Avon’s Dairy division. This news comes as a surprise and is likely to raise some questions over the CEO and CFO transition, with the CEO only being in post for just over a year. However, the group has appointed an executive already known to many who have followed the business, and as such should be seen as a good appointment with a track record of decisiveness and getting things done.