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Fcc<br />
Spain/Construction & Materials Analyser<br />
Fcc (Buy)<br />
Buy<br />
Recommendation unchanged<br />
Share price: EUR<br />
closing price as of 07/05/2012<br />
Target price: EUR<br />
Target Price unchanged<br />
Reuters/Bloomberg<br />
12.73<br />
27.90<br />
FCC.MC/FCC SM<br />
Market capitalisation (EURm) 1,620<br />
Current N° of shares (m) 127<br />
Free float 32%<br />
Daily avg. no. trad. sh. 12 mth 514,077<br />
Daily avg. trad. vol. 12 mth (m) 9<br />
Price high 12 mth (EUR) 21.86<br />
Price low 12 mth (EUR) 12.14<br />
Abs. perf. 1 mth -18.85%<br />
Abs. perf. 3 mth -32.06%<br />
Abs. perf. 12 mth -44.05%<br />
Key financials (EUR) 12/11 12/12e 12/13e<br />
Sales (m) 11,755 11,904 12,453<br />
EBITDA (m) 1,252 1,254 1,296<br />
EBITDA margin 10.7% 10.5% 10.4%<br />
EBIT (m) 401 635 659<br />
EBIT margin 3.4% 5.3% 5.3%<br />
Net Profit (adj.)(m) 277 219 233<br />
ROCE 1.6% 4.3% 4.4%<br />
Net debt/(cash) (m) 6,277 5,631 5,469<br />
Net Debt/Equity 2.2 1.9 1.8<br />
Debt/EBITDA 5.0 4.5 4.2<br />
Int. cover(EBITDA/Fin. int) 3.0 3.0 3.0<br />
EV/Sales 0.7 0.5 0.5<br />
EV/EBITDA 6.2 4.9 4.7<br />
EV/EBITDA (adj.) 6.2 4.9 4.7<br />
EV/EBIT 19.4 9.8 9.2<br />
P/E (adj.) 9.2 7.4 7.0<br />
P/BV 1.1 0.7 0.6<br />
OpFCF yield 1.9% 33.2% 8.8%<br />
Dividend yield 10.2% 8.1% 8.6%<br />
EPS (adj.) 2.18 1.72 1.83<br />
BVPS 18.69 19.24 20.14<br />
DPS 1.30 1.03 1.10<br />
22 vvdsvdvsdy<br />
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Apr 11 May 11 Jun 11 Jul 11 Aug 11 Sep 11 Oct 11 Nov 11 Dec 11 Jan 12 Feb 12 Mar 12 Apr 12 May 12<br />
Source: Factset<br />
FCC Stoxx Construction & Materials (Rebased)<br />
Shareholders: B-1998 54%; Treasury stock/Other 11%;<br />
RBS 3%;<br />
Analyst(s):<br />
Rafael Fernández de Heredia, Bankia Bolsa<br />
rfernandezdeherdia@bankia.com<br />
+34 91 436 78 08<br />
Contract in US<br />
The facts: According to the press, FCC has obtained a contract in US.<br />
Our analysis: The contract apparently includes designing and building a new<br />
bridge in Los Angeles as well as demolishing the old bridge. The winning<br />
consortium includes FCC (30%), Impregilo (30%) and the local construction<br />
company Shimmick (40%). The contract rises to EUR766m and of this amount the<br />
consortium could receive EUR498m (FCC: EUR149m, 1.5% backlog at December<br />
2011). This is the second contract obtained by FCC in US having entered this<br />
market with the extension of a motorway in Florida. International construction<br />
sales represent 65% of the total in 2011 and 51% of the portfolio. In terms of<br />
valuation, construction makes up 13% EV and domestic activity 4%.<br />
Conclusion: Positive news as FCC consolidates its presence in a strategic<br />
market – a region that the company is already present in the cement and industrial<br />
waste activities. We maintain our positive outlook on the stock.<br />
Page 54 of 80 European Securities Network<br />
Please refer to important disclaimer on the last page
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