Analysis Department of Bankinter offers analysis of the latest news on Spanish companies:

Prosegur Cash

• Close: 2.90 euros
• daily variation: + 1.40%

Good results for the first nine months of the year

Main figures from January to September 2017 

• Revenue : 1,436 million euros (+ 17%).
• EBITDA : 305 million euros (+ 20%).
• EBIT : EUR 255 million (+ 22%).
• Net profit from continuing operations : EUR 170 million (+ 37%).

The growth in sales is explained by three factors :

1. organic double digit growth (+ 14.7%).
2. Increased weight of new products (8.4% vs 6.5% sales above).
3. Slight positive effect of exchange rates (+ 0.6%).

In addition there has been an expansion margin (+80 bp to 17.8%). The financial result remains positive for gains from foreign exchange transactions. Financial debt has been reduced in the period from 611 million euros in December to 404 million euros in September due to cash flow generated (138 million euros) and income from the sale of property and brand. The cost of debt is 1.8% . The ratio net debt / EBITDA stood at 1.0x .

Opinion

Good results published by Prosegur Cash . We stand out:

1. Strong organic growth (+ 14.7%).
2. Growing weight of new products.
3. Margin expansion.
4. Solid cash generation in the period.

Link to company results

See quote / operate with Cash Prosegur shares in Bankinter

ACS

• Recommendation: Neutral
• Target price: 38,00 euros
• Close: 33.79 euros
• daily variation: -1.57%

Solid results of its subsidiary Hochtief

German subsidiary, in which ACS holds a 71.7% yesterday presented strong growth in all its operating figures :

• Revenues : 15,600 million euros (+ 15%).
• EBITDA : 959 million euros (+ 33%).
• Cumulative net profit (BNA) : EUR 303 million (+ 36%), with growth of + 34% in the project portfolio.

Opinion

The quote should react positively , since Hochtief growth in US markets and especially Asia Pacific, will boost third – quarter results 2017 ACS will present on Monday, November 13 .