(Boursier.com) — Eiffage rises 2% on Tuesday, back to just under 105 euros, while Jefferies keeps the file by adjusting its target from 92 to 112 euros. Citigroup had already raised its target price from 97 to 117 euros, while the group’s consolidated turnover amounted to more than 20.3 billion euros for the year 2022, up 8.5 % at actual structure compared to 2021 and +7.3% at constant scope and exchange rates (lcc). Business is up significantly by +9.5% in the 4th quarter.
Current operating income came to 2.212 billion euros, up +15.3% compared to 2021, which represents an operating margin of 10.9% (10.3% in 2021). Current operating income is now higher than its pre-health crisis level in Works and Concessions.
The Works operating margin reached 3.8% (3.7% in 2021). Stable in the infrastructure branch at 2.9%, it increased in the Construction branches at 3.8% (3.7% in 2021) and Energy Systems at 5.1% (5% in 2021). In Concessions, the operating margin was 47.2% (44.5% in 2021), driven by the good performance of motorway traffic while air traffic has not returned to its pre-crisis level.
Current operating income is 2.212 MdE, up 15.3% compared to 2021 (1.919 MdE in 2021).
Consolidated net income, Group share amounted to €896 million (€777 million in 2021), up 15.3%. The net result per share is 9.46 euros (7.98 euros in 2021).
Strengthened financial situation
Free cash flow stood at more than 1.7 billion euros, up 187 ME compared to 2021 (+476 ME compared to 2019). It benefited from a further reduction in the working capital requirement of 234 ME, after two years, 2020 and 2021, of significant decline (-555 ME in total for the two years). Free cash flow is after development investments in Concessions for €678 million, which includes the end of construction of the new A79 motorway, which represented an investment of €221 million over the year.
Net financial debt – excluding IFRS 16 debt, fair value of CNA debt and swaps – amounted to €10.2 billion at December 31, 2022, up €0.8 billion over 12 months, taking into account growth investments significant achievements in 2022. The holding company and the Works branches still posted positive net cash of 0.6 billion euros at the end of 2022 (1 billion euros at the end of 2021).
At Eiffage’s Combined General Meeting to be held on April 19, 2023 in Paris, it will be proposed to shareholders to distribute a dividend of 3.6 euros per share, compared to 3.1 euros per share in 2022. It will be paid on May 17, with a detachment of the coupon on May 15…
Prospects displayed
The Works order book reached 18.5 billion euros, an increase of more than 2 billion euros over one year (+14%) and represents 13.1 months of activity. This increase is driven in particular by renewable energy and transport infrastructure projects.
In this context, the group expects a further increase in its current operating profit in Works and in Concessions. Net profit attributable to the Group should also benefit from the equity method of the stake in Getlink, starting in the second quarter.