Announcement • May 11
Construcciones y Auxiliar de Ferrocarriles, S.A., Annual General Meeting, Jun 13, 2026 Construcciones y Auxiliar de Ferrocarriles, S.A., Annual General Meeting, Jun 13, 2026. Location: calle jose miguel iturrioz 26, beasain, gipuzkoa., Spain Reported Earnings • May 11
First quarter 2026 earnings released First quarter 2026 results: EPS: €1.17. Revenue: €1.16b (up 3.6% from 1Q 2025). Net income: €40.0m (up 11% from 1Q 2025). Profit margin: 3.5% (up from 3.2% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.0% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Machinery industry in Spain. Over the last 3 years on average, earnings per share has increased by 28% per year and the company’s share price has also increased by 28% per year. Price Target Changed • Apr 23
Price target increased by 7.4% to €63.78 Up from €59.41, the current price target is an average from 9 analysts. New target price is approximately in line with last closing price of €61.70. Stock is up 51% over the past year. The company is forecast to post earnings per share of €5.30 for next year compared to €4.27 last year. New Risk • Dec 19
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 4.4% 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 Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (4.4% average weekly change). Announcement • Dec 03
Construcciones y Auxiliar de Ferrocarriles, S.A. to Report Fiscal Year 2025 Results on Feb 27, 2026 Construcciones y Auxiliar de Ferrocarriles, S.A. announced that they will report fiscal year 2025 results on Feb 27, 2026 Reported Earnings • Nov 17
Third quarter 2025 earnings released Third quarter 2025 results: EPS: €0.79. Revenue: €986.9m (up 19% from 3Q 2024). Net income: €26.9m (up 206% from 3Q 2024). Profit margin: 2.7% (up from 1.1% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.8% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the Machinery industry in Spain. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Nov 13
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 1.9% to €51.80. The fair value is estimated to be €66.06, 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 grown by 25%. For the next 3 years, revenue is forecast to grow by 6.4% per annum. Earnings are also forecast to grow by 16% per annum over the same time period. Reported Earnings • Aug 03
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: €1.06b (down 1.6% from 2Q 2024). Net income: €37.1m (up 27% from 2Q 2024). Profit margin: 3.5% (up from 2.7% in 2Q 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 6.4% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the Machinery industry in Spain. Declared Dividend • Jun 19
Dividend of €1.09 announced Shareholders will receive a dividend of €1.09. Ex-date: 3rd July 2025 Payment date: 7th July 2025 Dividend yield will be 2.3%, which is lower than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by both earnings (44% earnings payout ratio) and cash flows (46% cash payout ratio). The dividend has increased by an average of 9.8% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 59% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Buy Or Sell Opportunity • May 19
Now 20% undervalued Over the last 90 days, the stock has risen 29% to €47.25. The fair value is estimated to be €59.25, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 24%. Revenue is forecast to grow by 12% in 2 years. Earnings are forecast to grow by 46% in the next 2 years. Announcement • May 12
Construcciones y Auxiliar de Ferrocarriles, S.A., Annual General Meeting, Jun 14, 2025 Construcciones y Auxiliar de Ferrocarriles, S.A., Annual General Meeting, Jun 14, 2025. Location: calle jose miguel iturrioz 26, beasain, gipuzkoa., Spain Reported Earnings • May 12
First quarter 2025 earnings released First quarter 2025 results: EPS: €1.05. Revenue: €1.12b (up 11% from 1Q 2024). Net income: €36.0m (up 56% from 1Q 2024). Profit margin: 3.2% (up from 2.3% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.1% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the Machinery industry in Spain. Over the last 3 years on average, earnings per share has increased by 24% per year whereas the company’s share price has increased by 19% per year. Board Change • Mar 13
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 3 experienced directors. 6 highly experienced directors. Independent Director Begona Beltran Heredia Villa was the last director to join the board, commencing their role in 2023. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Major Estimate Revision • Mar 05
Consensus EPS estimates fall by 15%, revenue upgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast increased from €4.49b to €4.55b. EPS estimate fell from €4.25 to €3.61 per share. Net income forecast to grow 20% next year vs 15% growth forecast for Machinery industry in Spain. Consensus price target broadly unchanged at €46.86. Share price was steady at €38.50 over the past week. Reported Earnings • Feb 27
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: €3.02 (up from €2.60 in FY 2023). Revenue: €4.22b (up 10% from FY 2023). Net income: €103.3m (up 16% from FY 2023). Profit margin: 2.4% (up from 2.3% in FY 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 1.9%. Revenue is forecast to grow 5.0% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Machinery industry in Spain. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Nov 26
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 7.8% to €31.40. The fair value is estimated to be €39.50, 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 grown by 12%. For the next 3 years, revenue is forecast to grow by 5.9% per annum. Earnings are also forecast to grow by 19% per annum over the same time period. New Risk • Nov 21
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 16% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (16% operating cash flow to total debt). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Nov 17
Third quarter 2024 earnings released Third quarter 2024 results: EPS: €0.26. Revenue: €832.5m (down 2.8% from 3Q 2023). Net income: €8.80m (down 53% from 3Q 2023). Profit margin: 1.1% (down from 2.2% in 3Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 6.0% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Machinery industry in Spain. Announcement • Nov 14
Construcciones y Auxiliar de Ferrocarriles, S.A. to Report Fiscal Year 2024 Results on Feb 26, 2025 Construcciones y Auxiliar de Ferrocarriles, S.A. announced that they will report fiscal year 2024 results on Feb 26, 2025 Reported Earnings • Aug 04
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: €1.07b (up 16% from 2Q 2023). Net income: €29.0m (up 106% from 2Q 2023). Profit margin: 2.7% (up from 1.5% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.1% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Machinery industry in Spain. Announcement • Aug 01
Construcciones y Auxiliar de Ferrocarriles, S.A. to Report Nine Months, 2024 Results on Nov 14, 2024 Construcciones y Auxiliar de Ferrocarriles, S.A. announced that they will report nine months, 2024 results on Nov 14, 2024 Declared Dividend • Jun 20
Dividend of €0.90 announced Shareholders will receive a dividend of €0.90. Ex-date: 4th July 2024 Payment date: 8th July 2024 Dividend yield will be 2.6%, which is lower than the industry average of 3.2%. Sustainability & Growth Dividend is covered by earnings (43% earnings payout ratio) but not covered by cash flows (140% cash payout ratio). The dividend has increased over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 56% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • May 14
Construcciones y Auxiliar de Ferrocarriles, S.A., Annual General Meeting, Jun 15, 2024 Construcciones y Auxiliar de Ferrocarriles, S.A., Annual General Meeting, Jun 15, 2024. Location: calle jose miguel iturrioz 26, beasain., gipuzkoa Spain Reported Earnings • May 13
First quarter 2024 earnings released First quarter 2024 results: EPS: €0.67. Revenue: €1.01b (up 5.9% from 1Q 2023). Net income: €23.0m (up 13% from 1Q 2023). Profit margin: 2.3% (up from 2.1% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.9% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Machinery industry in Spain. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has fallen by 5% per year. Reported Earnings • Mar 01
Full year 2023 earnings: EPS and revenues exceed analyst expectations Full year 2023 results: EPS: €2.60 (up from €1.52 in FY 2022). Revenue: €3.83b (up 21% from FY 2022). Net income: €89.2m (up 71% from FY 2022). Profit margin: 2.3% (up from 1.6% in FY 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 4.5%. Earnings per share (EPS) also surpassed analyst estimates by 11%. Revenue is forecast to grow 4.8% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the Machinery industry in Spain. 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 3% per year, which means it is significantly lagging earnings. Announcement • Feb 28
Construcciones y Auxiliar de Ferrocarriles, S.A. to Report Q1, 2024 Results on May 09, 2024 Construcciones y Auxiliar de Ferrocarriles, S.A. announced that they will report Q1, 2024 results on May 09, 2024 Reported Earnings • Nov 19
Third quarter 2023 earnings released Third quarter 2023 results: EPS: €0.54. Revenue: €856.3m (up 30% from 3Q 2022). Net income: €18.6m (up 464% from 3Q 2022). Profit margin: 2.2% (up from 0.5% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.8% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Machinery industry in Spain. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Reported Earnings • Jul 30
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: €926.7m (up 17% from 2Q 2022). Net income: €14.1m (up 32% from 2Q 2022). Profit margin: 1.5% (up from 1.3% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.8% p.a. on average during the next 3 years, compared to a 2.7% growth forecast for the Machinery industry in Spain. Upcoming Dividend • Jun 27
Upcoming dividend of €0.70 per share at 2.8% yield Eligible shareholders must have bought the stock before 04 July 2023. Payment date: 06 July 2023. Payout ratio is a comfortable 56% but the company is paying out more than the cash it is generating. Trailing yield: 2.8%. Lower than top quartile of Spanish dividend payers (6.0%). Lower than average of industry peers (3.7%). Reported Earnings • May 11
First quarter 2023 earnings released First quarter 2023 results: EPS: €0.59. Revenue: €952.0m (up 29% from 1Q 2022). Net income: €20.3m (up 1.5% from 1Q 2022). Profit margin: 2.1% (down from 2.7% in 1Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.3% p.a. on average during the next 3 years, compared to a 2.3% growth forecast for the Machinery industry in Spain. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Board Change • Mar 22
Less than half of directors are independent Following the recent departure of a director, there are only 5 independent directors on the board. The company's board is composed of: 5 independent directors. 6 non-independent directors. Independent Director Begona Beltran Heredia Villa was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 25
Full year 2022 earnings released: EPS: €1.52 (vs €2.51 in FY 2021) Full year 2022 results: EPS: €1.52 (down from €2.51 in FY 2021). Revenue: €3.17b (up 7.6% from FY 2021). Net income: €52.2m (down 39% from FY 2021). Profit margin: 1.6% (down from 2.9% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.2% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Machinery industry in Spain. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Major Estimate Revision • Nov 17
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate fell from €2.04 to €1.81. Revenue forecast unchanged from €3.17b at last update. Net income forecast to grow 3.9% next year vs 12% growth forecast for Machinery industry in Spain. Consensus price target broadly unchanged at €39.73. Share price fell 5.8% to €26.95 over the past week. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 7 non-independent directors. Independent Director Ignacio Camarero Garcia was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Jul 31
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: €795.0m (up 6.0% from 2Q 2021). Net income: €10.7m (down 57% from 2Q 2021). Profit margin: 1.3% (down from 3.3% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 5.5%, compared to a 2.4% growth forecast for the industry in Spain. Over the last 3 years on average, earnings per share has increased by 59% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Upcoming Dividend • Jun 29
Upcoming dividend of €0.49 per share Eligible shareholders must have bought the stock before 06 July 2022. Payment date: 08 July 2022. Payout ratio is a comfortable 38% and this is well supported by cash flows. Trailing yield: 4.2%. Lower than top quartile of Spanish dividend payers (5.8%). Higher than average of industry peers (3.8%). Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 7 non-independent directors. Independent Director Ignacio Camarero Garcia was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 27
Full year 2021 earnings: EPS exceeds analyst expectations Full year 2021 results: EPS: €2.51 (up from €0.26 in FY 2020). Revenue: €2.94b (up 6.5% from FY 2020). Net income: €85.9m (up €76.9m from FY 2020). Profit margin: 2.9% (up from 0.3% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 1.8%. Over the next year, revenue is forecast to grow 6.4%, compared to a 5.6% growth forecast for the industry in Spain. Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Upcoming Dividend • Jan 04
Upcoming dividend of €0.32 per share Eligible shareholders must have bought the stock before 11 January 2022. Payment date: 13 January 2022. Payout ratio is a comfortable 16% and this is well supported by cash flows. Trailing yield: 1.1%. Lower than top quartile of Spanish dividend payers (5.4%). Lower than average of industry peers (2.7%). Reported Earnings • Jul 31
Second quarter 2021 earnings released The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: €749.6m (up 25% from 2Q 2020). Net income: €24.8m (up €29.3m from 2Q 2020). Profit margin: 3.3% (up from net loss in 2Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Reported Earnings • May 01
First quarter 2021 earnings released: EPS €0.47 The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: €662.0m (up 27% from 1Q 2020). Net income: €16.0m (up €47.0m from 1Q 2020). Profit margin: 2.4% (up from net loss in 1Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Is New 90 Day High Low • Mar 09
New 90-day low: €35.55 The company is down 3.0% from its price of €36.80 on 08 December 2020. The Spanish market is flat over the last 90 days, indicating the company underperformed over that time. It also underperformed the Machinery industry, which is up 9.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €112 per share. Analyst Estimate Surprise Post Earnings • Mar 02
Revenue beats expectations, earnings disappoint Revenue exceeded analyst estimates by 5.3%. Earnings per share (EPS) missed analyst estimates by 54%. Over the next year, revenue is forecast to grow 6.5%, compared to a 4.2% growth forecast for the Machinery industry in Spain. Reported Earnings • Mar 01
Full year 2020 earnings released: EPS €0.26 (vs €0.72 in FY 2019) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: €2.76b (up 5.9% from FY 2019). Net income: €9.01m (down 64% from FY 2019). Profit margin: 0.3% (down from 0.9% in FY 2019). Over the last 3 years on average, earnings per share has fallen by 66% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Jan 11
New 90-day high: €41.75 The company is up 36% from its price of €30.65 on 13 October 2020. The Spanish market is up 19% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is up 23% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €139 per share. Is New 90 Day High Low • Dec 24
New 90-day high: €38.50 The company is up 41% from its price of €27.40 on 24 September 2020. The Spanish market is up 17% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is up 27% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €136 per share. Is New 90 Day High Low • Dec 04
New 90-day high: €37.50 The company is up 27% from its price of €29.50 on 04 September 2020. The Spanish market is up 16% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is up 18% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €108 per share. Analyst Estimate Surprise Post Earnings • Nov 13
Revenue beats expectations, earnings disappoint Revenue exceeded analyst estimates by 4.8%. Earnings per share (EPS) missed analyst estimates by 46%. Over the next year, revenue is forecast to grow 8.0%, compared to a 3.5% growth forecast for the Machinery industry in Spain. Reported Earnings • Nov 13
Third quarter 2020 earnings released: EPS €0.42 The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker. Third quarter 2020 results: Revenue: €696.4m (up 18% from 3Q 2019). Net income: €14.4m (up 6.8% from 3Q 2019). Profit margin: 2.1% (down from 2.3% in 3Q 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 67% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Nov 12
Analysts update estimates The 2020 consensus earning per share (EPS) estimate increased from €0.56 to €0.75. Revenue estimate for the same period was approximately flat at €2.56b. Net income is expected to grow by 2,733% next year compared to 66% growth forecast for the Machinery industry in Spain. The consensus price target was lowered from €41.62 to €40.84. Share price is up 11% to €31.80 over the past week. Is New 90 Day High Low • Oct 29
New 90-day low: €27.25 The company is down 10.0% from its price of €30.30 on 30 July 2020. The Spanish market is down 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Machinery industry, which is down 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €111 per share. Is New 90 Day High Low • Sep 22
New 90-day low: €28.10 The company is down 6.0% from its price of €29.80 on 24 June 2020. The Spanish market is down 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Machinery industry, which is flat over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €108 per share.