(New: current price, more background, analysts’ votes)
FRANKFURT (dpa-AFX) – The costly withdrawal of a daughter from
the Middle East business has attracted Hochtief’s investors at the
A heavy blow on Thursday. At a discount of
However, the minus fell 6.9 percent to 110 euros more recently
off than in early trading: the stock was in initial reactions
fell to € 106.50, a low since October.
The construction company announced a severe impact on earnings on Thursday
As part of the planned farewell to the Australian subsidiary Cimic
known from the Middle East. The Australians want
there from their minority stake in the company Bic Contracting
separate, which is also due to financial guarantees
Leads to a burden of around EUR 1.1 billion. The Cimic share price
had then slumped in Sydney by almost a fifth.
Almost 73 percent of Cimic belongs to Hochtief and is currently considered to be
most important profit generator of the parent company, to which the
Special expenses with a one-time impact on earnings of approximately
Get through 0.8 billion euros. Hochtief is expecting one
Cash outflow in the current year of around 400 million euros. Loud
the Commerzbank Expert Norbert Kretlow matches
this is 6 euros per Hochtief share. However, this fell over on Thursday
about 8 euros.
There were critical comments on the market regarding the dividend outlook.
Shareholders should receive slightly more than 5.80 euros for 2019
the previous year, but the payout is slightly less than that of
Analysts expected 5.95 euros. A dealer was already looking
skeptical about the dividend for 2020. Because of the outflow of liquidity
the Cimic story will probably only become Hochtief this year
book, the exchange suspected.
Analysts were still calm. You see in that
Setback is an entry point. According to Marc Gabriel from
Bankhaus Lampe eliminated Cimic with the complete withdrawal
large uncertainty factor. For dividend hunters in particular
a good opportunity.
Commerzbank expert Kretlow, in his
Comment highlighted the operationally good development.
Hochtief had also announced on Thursday that the forecasts for
operational business will be achieved in 2019. The adjusted
Hochtief expects consolidated operating profit of around 660 million
Euros as part of the forecast from 640 to 680 million euros.
Kretlow showed no understanding for the course development in Sydney
at Cimic. “The drop in the course by 20 percent makes us one
hard impression, “said the Commerzbank expert. 3 to 5 percent would be
justified./tih/mf/fba
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ISIN DE0006070006 AU000000CIM7
AXC0151 2020-01-23 / 12:22
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