Q3 2024 Sacyr SA Earnings Call Transcript
Key Points
- Sacyr SA (FRA:VHM) reported a 65% growth in operating cash flow, reaching EUR805 million, driven by new concession projects.
- The company's EBITDA to cash conversion ratio improved significantly, reaching 85%, indicating strong financial robustness.
- Sacyr SA has a substantial concession backlog, which increased by 66% to EUR6.73 billion, supporting future growth.
- The company was awarded four new concessions in 2024, contributing to a record high backlog of EUR10 billion.
- Sacyr SA is making progress with Voreantis, aiming to go public in early 2025, which could attract new investors and enhance growth.
- Net debt increased by EUR191 million, primarily due to project financing, which could impact financial flexibility.
- The construction division saw a slight decline in revenue and EBITDA, reflecting a strategic shift towards concessions.
- There is uncertainty regarding the financial rebalancing of the Pedemontana project, which could affect future cash flows.
- Traffic volumes in Latin America have decreased, although the company claims this will not impact revenue due to contract structures.
- The company's share price does not reflect its true value, prompting considerations for a share buyback program.
Good morning. I'm Manuel Manrique, Chairman and CEO of Sacyr. Joining me today in today's is presentation as usual is Carlos Mijangos, the company's CFO. Thank you all, dear analysts, media representatives and investors for attending this presentation of financial results of Sacyr for Q3 2024.
Before starting this presentation, I would like to extend my heartfelt condolences to the families of those who passed away due to the deadly flash floods that hit Valencia and Castilla la Mancha, as well as a small town in Malaga. I would also like to express our solidarity with all those who have been hit by the disaster. Sacyr, like other companies, are collaborating with authorities in the reconstruction work that we hope will start shortly.
Sacyr's results up until September show the purely concession-oriented profile of the curve that has been enhanced quarter after quarter, in line with the targets of our strategic plan for 2024, 2027. The results that we are presenting today, in our opinion, are
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