New Risk • May 06
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Spanish stocks, typically moving 5.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite being loss-making. Share price has been volatile over the past 3 months (5.1% average weekly change). Major Estimate Revision • Apr 24
Consensus EPS estimates increase by 10% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has improved. 2026 revenue forecast increased from €4.33b to €4.45b. EPS estimate increased from €1.33 to €1.47 per share. Net income forecast to grow 12% next year vs 8.2% growth forecast for Construction industry in Spain. Consensus price target of €31.45 unchanged from last update. Share price rose 2.0% to €37.35 over the past week. Aankondiging • Apr 23
Elecnor, S.A. to Report Q1, 2026 Results on May 04, 2026 Elecnor, S.A. announced that they will report Q1, 2026 results on May 04, 2026 Aankondiging • Apr 14
Elecnor, S.A., Annual General Meeting, May 26, 2026 Elecnor, S.A., Annual General Meeting, May 26, 2026. Location: auditorio edificio fortuny, calle rafael calvo 39a, madrid., Spain Price Target Changed • Mar 13
Price target increased by 8.1% to €30.25 Up from €27.98, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of €28.95. Stock is up 73% over the past year. Aankondiging • Feb 10
Elecnor, S.A. to Report Fiscal Year 2025 Results on Feb 26, 2026 Elecnor, S.A. announced that they will report fiscal year 2025 results on Feb 26, 2026 Declared Dividend • Dec 12
First half dividend of €0.077 announced Shareholders will receive a dividend of €0.077. Ex-date: 15th December 2025 Payment date: 17th December 2025 Dividend yield will be 9.8%, which is higher than the industry average of 5.1%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months. The dividend is also not covered by cash flows (dividend approximately 10x free cash flows). The dividend has increased by an average of 44% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. New Risk • Dec 10
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Spanish stocks, typically moving 4.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Dividend per share is over 10x cash flows per share. Minor Risk Share price has been volatile over the past 3 months (4.8% average weekly change). Aankondiging • Oct 28
Elecnor, S.A. to Report Q3, 2025 Results on Nov 03, 2025 Elecnor, S.A. announced that they will report Q3, 2025 results on Nov 03, 2025 Price Target Changed • Sep 11
Price target increased by 7.2% to €27.39 Up from €25.54, the current price target is an average from 4 analysts. New target price is 11% above last closing price of €24.70. Stock is up 35% over the past year. The company is forecast to post earnings per share of €1.16 next year compared to a net loss per share of €1.46 last year. Price Target Changed • Jul 29
Price target increased by 11% to €26.89 Up from €24.29, the current price target is an average from 4 analysts. New target price is 18% above last closing price of €22.80. Stock is up 12% over the past year. The company is forecast to post earnings per share of €1.16 next year compared to a net loss per share of €1.46 last year. Aankondiging • Jul 21
Elecnor, S.A. to Report First Half, 2025 Results on Jul 28, 2025 Elecnor, S.A. announced that they will report first half, 2025 results on Jul 28, 2025 Declared Dividend • Jun 02
Dividend of €2.47 announced Shareholders will receive a dividend of €2.47. Ex-date: 9th June 2025 Payment date: 11th June 2025 Dividend yield will be 32%, which is higher than the industry average of 5.1%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months and having no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 40% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. New Risk • May 25
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Spanish stocks, typically moving 5.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Minor Risk Share price has been volatile over the past 3 months (5.3% average weekly change). Reported Earnings • May 05
First quarter 2025 earnings released First quarter 2025 results: EPS: €0.095. Revenue: €77.1m (up 9.9% from 1Q 2024). Net income: €8.03m (up 8.9% from 1Q 2024). Profit margin: 10% (in line with 1Q 2024). Revenue is forecast to stay flat during the next 3 years compared to a 4.3% growth forecast for the Construction industry in Spain. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 122 percentage points per year, which is a significant difference in performance. Aankondiging • Apr 11
Elecnor, S.A., Annual General Meeting, May 27, 2025 Elecnor, S.A., Annual General Meeting, May 27, 2025. Location: auditorio edificio fortuny, calle rafael calvo 39a., madrid Spain Price Target Changed • Mar 04
Price target increased by 7.8% to €25.48 Up from €23.63, the current price target is an average from 4 analysts. New target price is 42% above last closing price of €17.90. Stock is down 0.8% over the past year. The company is forecast to post earnings per share of €0.95 next year compared to a net loss per share of €1.46 last year. Aankondiging • Feb 18
Elecnor, S.A. to Report Fiscal Year 2024 Results on Feb 28, 2025 Elecnor, S.A. announced that they will report fiscal year 2024 results on Feb 28, 2025 New Risk • Feb 14
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (10.0% average weekly change). Dividend is not well covered by earnings and cash flows. Dividend per share is over 12x earnings per share. Cash payout ratio: 330% Earnings are forecast to decline by an average of 31% per year for the foreseeable future. Minor Risk Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Buy Or Sell Opportunity • Jan 29
Now 20% overvalued Over the last 90 days, the stock has fallen 19% to €16.60. The fair value is estimated to be €13.79, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has declined by 25%. For the next 3 years, revenue is forecast to grow by 0.5% per annum. Earnings are forecast to decline by 31% per annum over the same time period. Price Target Changed • Jan 20
Price target decreased by 11% to €23.63 Down from €26.45, the current price target is an average from 3 analysts. New target price is 36% above last closing price of €17.34. Stock is down 7.3% over the past year. The company is forecast to post earnings per share of €10.26 for next year compared to €0.74 last year. Buy Or Sell Opportunity • Jan 07
Now 22% overvalued Over the last 90 days, the stock has fallen 10% to €16.78. The fair value is estimated to be €13.77, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has declined by 25%. For the next 3 years, revenue is forecast to grow by 0.5% per annum. Earnings are forecast to decline by 31% per annum over the same time period. New Risk • Dec 16
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Spanish stocks, typically moving 3.5% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (3.5% average weekly change). Dividend is not well covered by earnings and cash flows. Dividend per share is over 12x earnings per share. Cash payout ratio: 322% Earnings are forecast to decline by an average of 29% per year for the foreseeable future. Valuation Update With 7 Day Price Move • Dec 16
Investor sentiment deteriorates as stock falls 28% After last week's 28% share price decline to €15.10, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 15x in the Construction industry in Spain. Total returns to shareholders of 109% over the past three years. Upcoming Dividend • Dec 09
Upcoming dividend of €5.03 per share Eligible shareholders must have bought the stock before 16 December 2024. Payment date: 18 December 2024. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 31%. Within top quartile of Spanish dividend payers (5.6%). Higher than average of industry peers (3.7%). Declared Dividend • Nov 03
First half dividend of €5.03 announced Shareholders will receive a dividend of €5.03. Ex-date: 16th December 2024 Payment date: 18th December 2024 Dividend yield will be 26%, which is higher than the industry average of 5.1%. Sustainability & Growth Dividend is covered by both earnings (74% earnings payout ratio) and cash flows (23% cash payout ratio). The dividend has increased by an average of 7.1% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to decline by 81% over the next 3 years. Since a fall of 18% would increase the payout ratio to a potentially unsustainable range, the dividend may be at risk. Aankondiging • Oct 25
Elecnor, S.A. to Report Q3, 2024 Results on Nov 04, 2024 Elecnor, S.A. announced that they will report Q3, 2024 results on Nov 04, 2024 Aankondiging • Aug 08
Indra Sistemas, S.A. (BME:IDR) signed a contract to acquire DEIMOS Space S.L.U. from Elecnor, S.A. (BME:ENO). Indra Sistemas, S.A. (BME:IDR) signed a contract to acquire DEIMOS Space S.L.U. from Elecnor, S.A. (BME:ENO) on August 7, 2024. Indra Sistemas received approval from the shareholders of Indra for Space spin-off and the creation of the Space New company. The transaction is expected to be completed in the last quarter of the year, once the customary regulatory approvals have been obtained. New Risk • Jul 31
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 1.2% Last year net profit margin: 2.7% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 39% per year for the foreseeable future. Minor Risk Profit margins are more than 30% lower than last year (1.2% net profit margin). Reported Earnings • Jul 31
First half 2024 earnings released First half 2024 results: Revenue: €1.73b (down 9.1% from 1H 2023). Net income: €19.8m (down 58% from 1H 2023). Profit margin: 1.1% (down from 2.5% in 1H 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 2.4% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Construction industry in Spain. Declared Dividend • May 26
Final dividend of €0.31 announced Shareholders will receive a dividend of €0.31. Ex-date: 3rd June 2024 Payment date: 5th June 2024 Dividend yield will be 1.7%, which is lower than the industry average of 5.1%. Sustainability & Growth Dividend is well covered by both earnings (34% earnings payout ratio) and cash flows (33% cash payout ratio). The dividend has increased by an average of 5.1% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to decline by 22% over the next 3 years. However, it would need to fall by 62% to increase the payout ratio to a potentially unsustainable range. Aankondiging • May 24
Statkraft AS completed the acquisition of Enerfin, S.A. from Elecnor, S.A. (BME:ENO). Statkraft AS agreed to acquire Enerfin, S.A. from Elecnor, S.A. (BME:ENO) on November 17, 2023. The transaction has an estimated enterprise value of €1.8 billion, including equity and debt, subject to customary adjustments at completion. The transaction is dependent on public approvals in the respective countries and is expected to be closed during the first half of 2024. As of January 24, 2024, Elecnor, S.A. shareholders approved the transaction. Mediobanca and Lazard have acted as financial advisors to Elecnor and Alberto Frasquet, Guillermo Uriarte and Henar González of Herbert Smith Freehills has advised it on the legal aspects of the operation. Ernst & Young Abogados, S.L. acted as due diligence provider to both Statkraft AS and Enerfin, S.A.Statkraft AS completed the acquisition of Enerfin, S.A. from Elecnor, S.A. (BME:ENO) on May 23, 2024. Price Target Changed • May 02
Price target increased by 8.9% to €27.48 Up from €25.23, the current price target is an average from 4 analysts. New target price is 36% above last closing price of €20.20. Stock is up 73% over the past year. The company is forecast to post earnings per share of €11.92 for next year compared to €0.74 last year. Aankondiging • Apr 23
Elecnor, S.A. to Report Q1, 2024 Results on Apr 29, 2024 Elecnor, S.A. announced that they will report Q1, 2024 results on Apr 29, 2024 Aankondiging • Apr 16
Elecnor, S.A., Annual General Meeting, May 21, 2024 Elecnor, S.A., Annual General Meeting, May 21, 2024, at 12:00 Central European Standard Time. Location: Auditorio Edificio Fortuny, located at Calle Rafael Calvo, número 39 A Madrid Spain Agenda: To consider Examination and approval of the Annual Accounts (Balance Sheet, Income Statement, Statement of Changes in Equity, Statement of Cash Flows and Notes) and of the Directors' Report of the Company and its Consolidated Group corresponding to financial year 2023; to consider Examination and approval of the Non-Financial Information Statement of the Company and its Consolidated Group corresponding to financial year 2023; to consider Examination and approval of the proposed allocation of results corresponding to financial year 2023; to consider Examination and approval of the management carried out by the Company's Board of Directors during financial year 2023; to consider Advisory vote on the Annual Report on Directors' Remuneration for 2023; and to consider other matters. Reported Earnings • Mar 03
Full year 2023 earnings: EPS and revenues exceed analyst expectations Full year 2023 results: EPS: €0.74 (down from €1.21 in FY 2022). Revenue: €3.88b (up 6.5% from FY 2022). Net income: €62.7m (down 39% from FY 2022). Profit margin: 1.6% (down from 2.8% in FY 2022). Revenue exceeded analyst estimates by 2.4%. Earnings per share (EPS) also surpassed analyst estimates by 16%. Revenue is expected to decline by 1.4% p.a. on average during the next 3 years, while revenues in the Construction industry in Spain are expected to grow by 3.2%. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 20% per year, which means it is tracking significantly ahead of earnings growth. Aankondiging • Feb 20
Elecnor, S.A. to Report Fiscal Year 2023 Results on Feb 29, 2024 Elecnor, S.A. announced that they will report fiscal year 2023 results on Feb 29, 2024 New Risk • Feb 16
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 2.3% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 2.3% per year for the foreseeable future. Minor Risks High level of debt (79% net debt to equity). Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Paying a dividend despite having no free cash flows. New Risk • Feb 12
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 2.3% per year for the foreseeable future. Minor Risks High level of debt (79% net debt to equity). Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Paying a dividend despite having no free cash flows. Price Target Changed • Nov 24
Price target increased by 11% to €24.15 Up from €21.75, the current price target is an average from 4 analysts. New target price is 35% above last closing price of €17.85. Stock is up 72% over the past year. The company is forecast to post earnings per share of €1.12 for next year compared to €1.21 last year. New Risk • Nov 23
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 2.3% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 2.3% per year for the foreseeable future. Minor Risks High level of debt (79% net debt to equity). Paying a dividend despite having no free cash flows. Price Target Changed • Nov 20
Price target increased by 9.6% to €22.50 Up from €20.54, the current price target is an average from 4 analysts. New target price is 27% above last closing price of €17.65. Stock is up 72% over the past year. The company is forecast to post earnings per share of €1.30 for next year compared to €1.21 last year. Aankondiging • Oct 24
Elecnor, S.A. to Report Q3, 2023 Results on Oct 30, 2023 Elecnor, S.A. announced that they will report Q3, 2023 results on Oct 30, 2023 Price Target Changed • Oct 11
Price target increased by 9.2% to €21.75 Up from €19.91, the current price target is an average from 4 analysts. New target price is 50% above last closing price of €14.50. Stock is up 47% over the past year. The company is forecast to post earnings per share of €1.33 for next year compared to €1.21 last year. New Risk • Jul 28
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 3.0% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Minor Risks High level of debt (79% net debt to equity). Paying a dividend despite having no free cash flows. Reported Earnings • Jul 28
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: €1.13b (up 22% from 2Q 2022). Net income: €20.0m (up 9.0% from 2Q 2022). Profit margin: 1.8% (down from 2.0% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to stay flat during the next 3 years compared to a 3.3% growth forecast for the Construction industry in Spain. Price Target Changed • Jul 25
Price target increased by 14% to €19.91 Up from €17.40, the current price target is an average from 4 analysts. New target price is 43% above last closing price of €13.90. Stock is up 18% over the past year. The company is forecast to post earnings per share of €1.42 for next year compared to €1.21 last year. Aankondiging • Jul 18
Elecnor, S.A. to Report Q2, 2023 Results on Jul 27, 2023 Elecnor, S.A. announced that they will report Q2, 2023 results on Jul 27, 2023 Upcoming Dividend • May 22
Upcoming dividend of €0.29 per share at 3.4% yield Eligible shareholders must have bought the stock before 29 May 2023. Payment date: 31 May 2023. Payout ratio is a comfortable 35% and this is well supported by cash flows. Trailing yield: 3.4%. Lower than top quartile of Spanish dividend payers (6.0%). Higher than average of industry peers (2.5%). Reported Earnings • Mar 04
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: EPS: €1.21 (up from €1.01 in FY 2021). Revenue: €3.65b (up 16% from FY 2021). Net income: €102.8m (up 20% from FY 2021). Profit margin: 2.8% (up from 2.7% in FY 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.0%. Earnings per share (EPS) also surpassed analyst estimates by 3.7%. Revenue is forecast to grow 1.9% p.a. on average during the next 2 years, compared to a 1.9% growth forecast for the Construction industry in Spain. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Price Target Changed • Nov 16
Price target increased to €16.75 Up from €11.70, the current price target is an average from 2 analysts. New target price is 64% above last closing price of €10.20. Stock is up 2.0% over the past year. The company is forecast to post earnings per share of €1.44 for next year compared to €1.01 last year. Buying Opportunity • Sep 14
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 11%. The fair value is estimated to be €13.05, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has declined by 7.2%. Revenue is forecast to grow by 5.8% in 2 years. Earnings is forecast to grow by 82% in the next 2 years. Reported Earnings • Jul 29
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: €923.1m (up 13% from 2Q 2021). Net income: €18.4m (up 14% from 2Q 2021). Profit margin: 2.0% (in line with 2Q 2021). Over the next year, revenue is forecast to stay flat compared to a 4.4% growth forecast for the industry in Spain. Buying Opportunity • Jul 12
Now 20% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be €13.91, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has declined by 8.4%. Revenue is forecast to grow by 8.0% in 2 years. Earnings is forecast to grow by 84% in the next 2 years. Upcoming Dividend • May 23
Upcoming dividend of €0.24 per share Eligible shareholders must have bought the stock before 30 May 2022. Payment date: 01 June 2022. Payout ratio is a comfortable 37% and this is well supported by cash flows. Trailing yield: 2.7%. Lower than top quartile of Spanish dividend payers (5.4%). In line with average of industry peers (2.7%). Reported Earnings • May 11
First quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2022 results: EPS: €0.30. Revenue: €672.6m (up 28% from 1Q 2021). Net income: €25.4m (up 18% from 1Q 2021). Profit margin: 3.8% (down from 4.1% in 1Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 18%. Earnings per share (EPS) missed analyst estimates by 1.9%. Over the next year, revenue is forecast to grow 2.9%, compared to a 3.5% growth forecast for the industry in Spain. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Reported Earnings • Feb 26
Full year 2021 earnings: Revenues exceed analyst expectations Full year 2021 results: Revenue: €3.13b (up 25% from FY 2020). Net income: €85.9m (up 9.7% from FY 2020). Profit margin: 2.7% (down from 3.1% in FY 2020). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 18%. Over the next year, revenue is forecast to decline by -11% while the industry in Spain is not expected to grow. Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has fallen by 5% per year. Reported Earnings • Nov 21
Third quarter 2021 earnings released: EPS €0.28 The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker. Third quarter 2021 results: Revenue: €746.8m (up 28% from 3Q 2020). Net income: €23.3m (up 5.4% from 3Q 2020). Profit margin: 3.1% (down from 3.8% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 4% per year and the company’s share price has also fallen by 4% per year. Price Target Changed • Oct 27
Price target increased to €15.10 Up from €11.60, the current price target is provided by 1 analyst. New target price is 50% above last closing price of €10.10. Stock is up 15% over the past year. The company posted earnings per share of €0.92 last year. Reported Earnings • Jul 31
Second quarter 2021 earnings released The company reported a solid second quarter result with improved earnings and revenues, although profit margins were weaker. Second quarter 2021 results: Revenue: €813.7m (up 50% from 2Q 2020). Net income: €16.1m (up 24% from 2Q 2020). Profit margin: 2.0% (down from 2.4% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Upcoming Dividend • Jun 29
Upcoming dividend of €0.22 per share Eligible shareholders must have bought the stock before 05 July 2021. Payment date: 07 July 2021. Trailing yield: 3.0%. Lower than top quartile of Spanish dividend payers (5.0%). In line with average of industry peers (3.2%). Reported Earnings • Mar 03
Full year 2020 earnings released: EPS €0.92 (vs €1.49 in FY 2019) The company reported a poor full year result with weaker earnings and profit margins, although revenues were flat. Full year 2020 results: Revenue: €2.50b (flat on FY 2019). Net income: €78.3m (down 38% from FY 2019). Profit margin: 3.1% (down from 5.1% in FY 2019). Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Analyst Estimate Surprise Post Earnings • Mar 03
Revenue beats expectations, earnings disappoint Revenue exceeded analyst estimates by 0.6%. Earnings per share (EPS) missed analyst estimates by 2.1%. Over the next year, revenue is forecast to grow 1.7%, compared to a 2.3% growth forecast for the Construction industry in Spain. Price Target Changed • Feb 26
Price target raised to €11.00 Up from €9.92, the current price target is provided by 1 analyst. The new target price is close to the current share price of €10.55. As of last close, the stock is up 12% over the past year. Is New 90 Day High Low • Dec 24
New 90-day high: €10.50 The company is up 21% from its price of €8.68 on 25 September 2020. The Spanish market is up 19% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Construction industry, which is up 15% over the same period. Upcoming Dividend • Nov 30
Upcoming Dividend of €0.046 Per Share Will be paid on the 9th of December to those who are registered shareholders by the 7th of December. The trailing yield of 3.5% is below the top quartile of Spanish dividend payers (6.7%), and is lower than industry peers (4.2%). Is New 90 Day High Low • Nov 11
New 90-day high: €9.48 The company is up 6.0% from its price of €8.98 on 12 August 2020. The Spanish market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Construction industry, which is up 2.0% over the same period. Reported Earnings • Nov 05
Third quarter 2020 earnings released: EPS €0.26 The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker. Third quarter 2020 results: Revenue: €582.5m (up 22% from 3Q 2019). Net income: €22.1m (up 11% from 3Q 2019). Profit margin: 3.8% (down from 4.2% in 3Q 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Oct 13
New 90-day high: €9.30 The company is up 3.0% from its price of €9.02 on 15 July 2020. The Spanish market is down 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Construction industry, which is down 6.0% over the same period. Is New 90 Day High Low • Sep 25
New 90-day low: €8.70 The company is down 8.0% from its price of €9.46 on 26 June 2020. The Spanish market is down 5.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Construction industry, which is down 9.0% over the same period.