Bankinter : Better than expected 1Q23 results in Sales, EBITDA and PBT. The main figures in the quarter compared to the market consensus (Bloomberg): Revenues €2,026M vs. expected €1,889M; EBITDA €332M vs. expected €315M; and PBT €96.9M vs. expected €51M.
By activities, the performance is generally good in all areas, but the positive evolution of Water (+16.6% year-on-year in Revenues) and Construction (+55.7% year-on-year) stand out. Net debt stands at €3,417m (vs. €3,193m year-on-year) and the project backlog amounts to €42,073m (vs. €40,274m year-on-year).
Analyst’s view: FCC’s results were above expectations. We believe that FCC’s position focused on the Environment and Water businesses (generating 75% of EBITDA) provides an attractive recurrence to the P&G account. We maintain our positive view on the company over the medium term.
