Astaldi he also won the second round of the derby between the Roman manufacturers. After beating yesterday Salini Impregilo on the side of the accounts, today the general contractor led by Stefano Cerri prevails in the comparison in Piazza Affari. In the early afternoon Astaldi's share on the Stock Exchange gains 5,35%, to 9,25 euros, achieving the third best increase in the entire Milanese price list. In the same minutes, the Salini Impregilo shares they leave 3,42% in the field, at 4,442 euros, one of the worst variations on the Italian market.
As for corporate accounts, yesterday Astaldi had communicated that it had closed the first half of 2015 with a net profit up by 81,7% on an annual basis, at 62,4 million euros, and revenues up by 15,8%, to 1,392 billion. Ebitda and Ebit improved respectively by 20%, to 179,8 million, and by 18,8%, to 140 million. Lastly, net financial debt stood at 1,109 billion, against 1,099 billion as at 30 June 2014.
Salini Impregilo, on the other hand, closed the first half of the year with revenues growing by 2,9% to just under 2,2 billion euros and profits decreasing on an annual basis from 76,5 to 60,3 million. However, extraordinary profits of €2014 million were posted in the first six months of 60,9 largely thanks to the sale of Fisia Babcock. In fact, the net profit from continuing operations recorded a leap of over 360%, to 71,9 million euro.
Opinions of brokers about the company's accounts differ. For Banca Akros the results are below expectations: even if the management confirmed the guidance for the full year, the analysts underline the negative one-off impact linked to Todini equal to 11,6 million and the net debt rose to 378,6 at the end of June 214,1 million from XNUMX million at the end of March.
For Imi Bankhowever, the results are substantially in line with expectations. The Bank believes that the end-of-year targets are achievable and underlines that the stock could be supported by the expectations of the acquisition in the USA.
Goldman Sachs confirmed the "buy" recommendation on the stock, believing that the quarterly accounts were solid and that the confirmation of the guidance is prudent. Overall, according to Goldman, operating performance is robust and it is possible to remain positive on the execution of the business plan.
Kepler Cheuvreux, on the other hand, the quarterly accounts were 13% lower than expected in terms of revenues and 14% in terms of Ebit. EBIT expectations for 2015-2016 are lowered by an average of 6%. Despite this, for Kepler Cheuvreux the investment case remains reasonably solid and the valuation of the stock is not high: the rating therefore remains "buy" with a target price of 4,7 euros.
