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Eiffage released a positive Q3 trading update, with group revenue meeting the market’s expectations. The contracting sector showed strong demand, resulting in a backlog equivalent to 13.1 months of activity, primarily driven by Infrastructure and Energy System. However, the Construction segment continued to face challenges. On the other hand, the Concession segment continued to benefit from increased traffic and tariff hikes. As a result, Eiffage’s management reaffirmed the guidance and continue
Companies: Eiffage (FGR:EPA)Eiffage SA (FGR:PAR)
AlphaValue
Eiffage’s H1 trading update was mixed, with revenue aligning with expectations and EBIT slightly below the market’s forecast. The Concession segment remains strong due to increased traffic and tariffs. In Contracting, the robust performance in metallic construction, renovation, and public works offset a notable decline in property development and civil engineering. Positive momentum persists, evident from a backlog representing 13.4 months of activity.
Eiffage published a good Q1 trading update, with group revenue reaching €4.9bn, up by 13% yoy, driven by growth in all segments. The contracting business experienced good demand momentum, with the backlog equivalent to 13.6 months of activity. The Eiffage management reiterated its guidance and expects further growth in both contracting and concession revenue.
Eiffage has published solid results for FY22, with growth in all business lines. Contracting was up +6.7% lfl driven by the European entities (+23.3%) and Concessions (+10.4%) supported by the recovery in traffic. The EBIT recorded is higher than the 2019 level and enabled the group to achieve a margin of 10.9% (+60bp). Eiffage has reached a record level in its order book at €18.5bn, with orders significantly focused on the energy transition.
There was no significant new information in this trading update. Both traffic (motorways) and sales figures were in line with our expectations and we have left our estimates unchanged for FY22. For the full year, Eiffage has re-iterated its guidance of growth in revenue and results for both Contracting and Concessions, well above 2019 levels.
Eiffage published a good set of results with activity above 2019’s level across all divisions. The top-line growth was mainly driven by the energy business and the 36% increase in EBIT was driven by significant traffic growth in the concessions. For the full year, Eiffage expects strong top-line growth accompanied by a slight margin improvement in the concession business and margin resilience in the contracting businesses.
Eiffage published good figures in its Q1 trading update. Group revenue stood at €4.4bn, +10% yoy. The growth was driven primarily by APRR, which saw sales growth of 23%. Demand momentum in contracting business is strong, with the backlog equivalent to 13 months of activities. Management re-iterated its guidance, which is in line with our estimates. Hence, we will not make any changes to our model.
Eiffage announced good FY21 results, beating the consensus and our expectations. Revenue was up by 15%, with contracting activities up by 14.3% and concessions by 17%. Eiffage has some major and promising projects in its pipeline which should support its contracting business in the medium term. Additionally, it has proposed a dividend payment of €3.1/share, which is higher than anticipated and therefore comes as a positive surprise.
There was no significant new information in this trading update. Both traffic (motorways) and sales figures were in line with our expectations and saw similar trends to Vinci. Eiffage expects operating profit to be slightly lower than that in FY19, but net profit to be in line with FY19, which is above our current estimate. As a result, we will revise our estimates upwards.
Eiffage published a good set of results with top-line figures even above 2019’s level. The growth was mainly driven by the energy and infrastructure businesses, accompanied by a partial recovery in concessions. The group expects the contracting activities to be slightly above 2019’s level by the end of the year and has also confirmed its interest in expanding its energy business via Engie’s Equans.
Eiffage has published its results which were above our estimates. Revenues were down by 10%, with contracting activities down by 9.5% and concessions by 21%. Eiffage has some major and promising projects in its pipeline which would support its contracting business in the medium term. Additionally, it has proposed a dividend payment of €3/share, which is higher than anticipated and therefore comes as a positive surprise.
There was no significant new information in this trading update. Both traffic and sales figures were in line with our expectations and saw similar trends to Vinci. The significant increase in the order book was mainly due to the production postponement in H1. Eiffage expects a marked decline in the FY20 results, but has not provided any quantifiable guidance.
Companies: Eiffage SA
Just like Vinci, Eiffage too paid for its large exposure to concessions and France. Revenues were down by 19.6% at constant scope and FX with Concessions revenue down by 23.2% and Contracting revenue down by 18.9%. Geographically, France was the most impacted country with revenue down by 21.7%. Revenue in Europe ex France was down by 12% (with revenue even up by 8.7% in Germany) and, outside Europe, it was down by just 5.8%.
Eiffage has released its Q1 20 results which were in line with our estimates. Sales were down by 4.3%: contracting -5.3% (-5.5% lfl) and concessions +0.3% (-4.5% lfl). Concessions benefited from the perimeter effect of Toulouse Airport. The contracting orderbook stood at €15bn, up by 5% over three months. Management has not given any guidance for 2020.
Eiffage has published its results which were in line with our estimates. Revenues increased by 9.4% (+7.7% lfl) with contracting activities growing by 8.8% lfl and concessions by 2.9% lfl. The highlight was the Infrastructure business, with 37.1% growth in civil engineering works (buoyed by the work on the Grand Paris Express). A significant improvement in the margins wasn’t observed. We anticipate a slower growth in revenues but a margin improvement in 2020. Eiffage proposed a dividend payment
Research Tree provides access to ongoing research coverage, media content and regulatory news on Eiffage SA. We currently have 16 research reports from 4 professional analysts.
Supreme’s FY24 trading update confirms a record performance in the 12 months to 31 March 2024. Organic revenue and profit growth across all four divisions has driven Group revenue +45% YOY to £225m, with FY24 adj. EBITDA almost doubling to ‘at least £38m’, driving record levels of cash generation. Supreme is actively exploring complementary M&A, supported by a debt free balance sheet. Trading on an undemanding FY25 PE of just 6.7x, with a 3.4% yield, we believe downside risks are more than price
Companies: Supreme PLC
Zeus Capital
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Cavendish
Shore Capital
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SP Angel
Headlam Group has laid out an ambitious long-term revenue target of between £900m and £1bn, as it seeks to grow its share of the UK floor coverings distributor market. Despite a challenging backdrop due to the low level of residential housing transactions, management is seeking to expand each of its sales channels: Trade Counters, Larger Customers, Regional Distribution and Europe & Other. The FY23 results reflected the more challenging environment and the group trades at a discount to its long-
Companies: Headlam Group plc
Edison
The focus of Hardman & Co Research is on the nine quoted Infrastructure Investment Companies (IICs) and on the 22 Renewable Energy Infrastructure Funds (REIFs): the stocks analysed are all members of the Association of Investment Companies (AIC). We are updating our publication of January 2023, assessing both the lacklustre share price performances during 2023 and the key issues, including interest rates, inflation and power prices. As a 31-strong group, its combined market capitalisation is no
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Hardman & Co
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Liberum
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Vianet’s FY24 trading update shows FY24 revenue +1% ahead of our previous forecast, adjusted EBITA +2% ahead, EFCF and net debt +£0.6m ahead, and a strategic new customer win with prominent forecourt operator Wilcomatic. A robust FY25 pipeline and outlook leads us to reiterate our FY25E forecasts at this point, with the update highlighting: strong progress renewing and winning new customers on 3-5 year contracts as they migrate from 3G to Vianet’s advanced 4G LTE solutions; the successful integr
Companies: Vianet Group plc
24th April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radi
Companies: FTC AGL SRT SOU G4M AOM SUP
Hybridan
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