Hochtief AG

Hochtief is a holding company. Through its subsidiaries, Co. operates as a construction company engaged in projects in the transportation, energy, and social and urban infrastructure sectors as well as contract mining. Co. provides its services through three divisions: HOCHTIEF Americas, which encompasses the construction activities of operational units in the U.S and Canada; HOCHTIEF Asia Pacific, which includes the construction activities and contract mining in the Asia-Pacific region; and HOCHTIEF Europe, which designs, develops, builds, operates, and manages real estate and infrastructure, with primary business in Europe as well as selected other regions.
  • Ticker607000
  • ISINDE0006070006
  • SectorConstruction & Materials
  • CountryGermany

Analysts

Alain William ...
  • Alfred Glaser
  • Delphine Brault
  • Jean Sassus
  • Jerôme Bodin
  • Olfa Taamallah
  • Samantha Jeary
  • Steven Gould
  • Sylvain Goyon
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/16/2019

The outperformance from banks in January was eroded before turning in March (post-ECB capitulation) into an underperformance (1.5% at 12 April). The banking sector’s fundamentals remain complicated but a less worrying macroeconomic environment and especially the recognition by the ECB of the side effects of negative rates argue in favour of a temporary outperformance. The ECB’s new tone opens the door to the "fantasy" of a rebound in the interest margin (negative TLTRO rate?). This id...

Samantha Jeary

HOCHTIEF : Good Q1 2019 release from CIMIC

>Solid operating momentum at CIMIC - CIMIC, the Australian subsidiary that is 72.7%-owned by HOCHTIEF and which generates around 70% of its EBIT, reported its Q1 2019 results this morning. We note the following points:Good momentum in order intake: new orders were up 61.5% to AUD 4.2bn in Q1 2019. The backlog for CIMIC's core business was up 9.6% at the end of the period, driven mainly by the mining business (backlog up 14.7% at end-March 2019) and services (+21....

Alain William ...
  • Fatma Agnès Hamdani
  • Olivier Lebrun
  • Samantha Jeary

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 29/03/2019

...

Samantha Jeary

HOCHTIEF : Un actionnaire désintéressé qui risque de peser sur le cours de Bourse

>Atlantia se finance à moindre coût en se désengageant d'HOCHTIEF - Atlantia a annoncé mercredi soir avoir réalisé une opération de financement (752 M€) auprès de Goldman Sachs, impliquant 1/ la mise en place d’un « collar » (combinaison de l’achat d’une option de vente et de la vente d’une option d’achat) sur les titres HOCHTIEF et 2/ le prêt d’actions HOCHTIEF à Goldman Sachs, qui a ensuite vendu les titres prêtés, d’où la pression sur le titre HOCHTIEF hier. 1...

Samantha Jeary

HOCHTIEF : An uninterested shareholder that is likely to weigh on the share price

>Atlantia secures financing at a lower cost by reducing its stake in HOCHTIEF - Atlantia announced on Wednesday evening that it had carried out a financing deal (€ 752m) with Goldman Sachs, involving: 1/ a collar transaction (combination of the purchase of a put option and the sale of a call option) on HOCHTIEF shares; and 2/ a loan of HOCHTIEF shares to Goldman Sachs, which then sold the shares lent, hence the pressure on the HOCHTIEF share price yesterday. 1/ A...

Samantha Jeary

HOCHTIEF : Good Q1 2019 release from CIMIC

>Solid operating momentum at CIMIC - CIMIC, the Australian subsidiary that is 72.7%-owned by HOCHTIEF and which generates around 70% of its EBIT, reported its Q1 2019 results this morning. We note the following points:Good momentum in order intake: new orders were up 61.5% to AUD 4.2bn in Q1 2019. The backlog for CIMIC's core business was up 9.6% at the end of the period, driven mainly by the mining business (backlog up 14.7% at end-March 2019) and services (+21....

Samantha Jeary

HOCHTIEF : Un actionnaire désintéressé qui risque de peser sur le cours de Bourse

>Atlantia se finance à moindre coût en se désengageant d'HOCHTIEF - Atlantia a annoncé mercredi soir avoir réalisé une opération de financement (752 M€) auprès de Goldman Sachs, impliquant 1/ la mise en place d’un « collar » (combinaison de l’achat d’une option de vente et de la vente d’une option d’achat) sur les titres HOCHTIEF et 2/ le prêt d’actions HOCHTIEF à Goldman Sachs, qui a ensuite vendu les titres prêtés, d’où la pression sur le titre HOCHTIEF hier. 1...

Samantha Jeary

HOCHTIEF : An uninterested shareholder that is likely to weigh on the share price

>Atlantia secures financing at a lower cost by reducing its stake in HOCHTIEF - Atlantia announced on Wednesday evening that it had carried out a financing deal (€ 752m) with Goldman Sachs, involving: 1/ a collar transaction (combination of the purchase of a put option and the sale of a call option) on HOCHTIEF shares; and 2/ a loan of HOCHTIEF shares to Goldman Sachs, which then sold the shares lent, hence the pressure on the HOCHTIEF share price yesterday. 1/ A...

Samantha Jeary

HOCHTIEF : Bonne publication T4, assombrie par les prises de commandes en baisse

>Des résultats T4 2018 supérieurs au consensus - HOCHTIEF a publié hier des résultats T4 2018 qui ressortent au-dessus du consensus constitué par la société (+1.2% pour le CA et +6.6% pour le résultat net « opérationnel »). Nous retenons trois points positifs : 1/ une croissance annuelle du CA toujours dynamique à +11% en organique en 2018 (vs +7% selon nous en 2017), tirée par Americas (+14%) et APAC (+9%). 2/ une amélioration des marges d’EBIT dans toutes les ...

Samantha Jeary

HOCHTIEF : Preview résultats annuels 2018 (21/02) : peu de mystère

>Une grande partie des résultats est déjà connue - CIMIC a publié le 05/02/2019 ses résultats annuels 2018. Pour rappel, CIMIC est une filiale de HOCHTIEF détenue à 72.7%, consolidée à 100% et cotée séparément en Australie. La division APAC publiée dans les comptes de HOCHTIEF comprend uniquement cette filiale et cette division représentera en 2018, selon nous, 68%e de l’EBIT du groupe et 64%e du résultat net attribuable.Les résultats de CIMIC ont été marqués par...

Alain William ...
  • Alfred Glaser
  • Delphine Brault
  • Jean Sassus
  • Jerôme Bodin
  • Olfa Taamallah
  • Samantha Jeary
  • Steven Gould
  • Sylvain Goyon
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/16/2019

The outperformance from banks in January was eroded before turning in March (post-ECB capitulation) into an underperformance (1.5% at 12 April). The banking sector’s fundamentals remain complicated but a less worrying macroeconomic environment and especially the recognition by the ECB of the side effects of negative rates argue in favour of a temporary outperformance. The ECB’s new tone opens the door to the "fantasy" of a rebound in the interest margin (negative TLTRO rate?). This id...

Alain William ...
  • Fatma Agnès Hamdani
  • Olivier Lebrun
  • Samantha Jeary

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 29/03/2019

...

Alexandre Iatrides ...
  • Antoine Boivin-Champeaux
  • Baptiste Lebacq
  • Benoit Valleaux
  • Jean Sassus
  • Johanna Jourdain
  • Louis Boujard
  • Matthias Desmarais
  • Michael Foundoukidis
  • Philippe Ourpatian
  • Rémi Adam
  • Samantha Jeary
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 02/22/2019

The tragedy which struck the Brumadinho complex (state of Minas Gerais in Brazil) belonging to mining giant Vale has radically changed the fundamentals underpinning supply and demand in the iron ore market. Accordingly we are revising up our price scenario for 2019-2021 by 15% on average and are adopting a Neutral recommendation on Rio Tinto (vs Reduce) which has the greatest exposure. We are sticking with our Buy recommendation on ArcelorMittal. - ...

Alexandre Iatrides ...
  • Antoine Boivin-Champeaux
  • Baptiste Lebacq
  • Benoit Valleaux
  • Jean Sassus
  • Johanna Jourdain
  • Louis Boujard
  • Matthias Desmarais
  • Michael Foundoukidis
  • Philippe Ourpatian
  • Rémi Adam
  • Samantha Jeary
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 22/02/2019

La tragédie du complexe minier de Brumadinho (Etat du Minas Gerais au Brésil) appartenant au géant minier Vale change radicalement les fondamentaux offre/demande du marché du minerai de fer. Aussi, nous relevons en moyenne de 15% notre scénario de prix pour 2019/2021e et adoptons une opinion Neutre sur Rio Tinto (vs Alléger) qui y est le plus exposé. Nous maintenons notre Achat sur ArcelorMittal. - ...

Alain William ...
  • Benoit Valleaux
  • Cecile De Coincy
  • Fehmi Ben Naamane
  • Johanna Jourdain
  • Michael Foundoukidis
  • Olfa Taamallah
  • Pierre Tegner
  • Samantha Jeary
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 02/19/2019

In spite of a thorough restructuring programme (operational and financial), Veolia’s valuation multiples remain close to their average historic levels. The group has significantly reduced its areas of industrial risk and is benefiting from its revamped commercial positioning. Optimisation is set to continue in the medium term and should drive performance, along with bolt-on acquisitions. Whilst there is a risk of macroeconomic slowdown, this is yet to be reflected in volumes. The valu...

Ibrahim Firdaus

Hochtief

Ibrahim Firdaus

Hochtief

Ibrahim Firdaus

Hochtief

Ibrahim Firdaus

Hochtief

Ibrahim Firdaus

Hochtief

Expert Corporate Governance Service (ECGS)

Etude de l'AG du 10/05/2017

Item 4: We have serious concerns regarding the structure of remuneration granted to Management Board members and the level of disclosure, which we consider as below market practice: The Supervisory Board may discretionarily adjust overall target attainment with regard to the variable compensation and grant additional bonuses at its sole discretion, while the utilisation of these powers is only disclosed with a delay of one year. Furthermore, the caps on total remuneration and on each variable component remain undisclosed and the performance criteria for the total variable compensation and its ...

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