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Documente Cultură
Infrastructure/Concessions
26 September 2017
Olivia Peters
Analyst
+44 20 3465 2646
olivia.peters@berenberg.com
Saravana Bala
Analyst
+44 20 3753 3043
saravana.bala@berenberg.com
Robert Muir
Analyst
+44 20 3207 7860
robert.muir@berenberg.com
James Williamson
Specialist Sales
+44 20 3207 7842
james.williamson@berenberg.com
THE TEAM
Olivia Peters joined Berenberg in January 2016 as part of the Construction research team.
Before joining Berenberg, she covered the construction and infrastructure sectors at Royal
Bank of Canada for five years. Prior to that, Olivia worked as part of the construction
research team at MF Global.
Saravana Bala joined Berenberg in October 2015 on the graduate scheme. Having
successfully completed the programme, he joined the Construction team in July 2016. Prior
to this, Saravana gained experience through an internship in sales and trading at Citi. He
holds a BSc in Statistics and Management for Business from University College London and
is currently a CFA Level II candidate.
Robert Muir currently heads up Berenbergs Construction research team and his principal
focus is the global cement sector. In addition to this, he has played a significant role in
developing the associates training programme at Berenberg. Rob was previously at
Morgan Stanley for six years, initially covering aerospace and defence stocks before
moving into building and construction. Prior to this, he spent four years as a management
consultant at PricewaterhouseCoopers.
James Williamson joined the Berenberg sales desk in July 2016 covering chemicals,
construction and metals and mining. James has over 30 years of experience in the basic
materials sector, both in industry and equity sales and research, having started his career
at Johnson Matthey, and then at the leading chemical consultancy CMAI (now part of IHS).
From there, he moved to the sell-side at ABN AMRO (five years) as a research analyst
covering chemicals, then joined UBS as specialist sales chemicals, construction and pulp
and paper (nine years) as part of the top-ranked chemicals franchise. Prior to joining
Berenberg, James worked for Morgan Stanley in a similar role (six years), helping to take
the chemicals franchise from number four to top-ranked.
For our disclosures in respect of Article 20 of Regulation (EU) No. 596/2014 of the
European Parliament and of the Council of 16 April 2014 on market abuse (market abuse
regulation MAR) and our disclaimer please see the end of this document.
Please note that the use of this research report is subject to the conditions and restrictions
set forth in the disclosures and the disclaimer at the end of this document.
Construction
Infrastructure/Concessions
Table of contents
Hochtief is eyeing up Abertis 4
ACS 17
Hochtief 26
3
Construction
Infrastructure/Concessions
Figure 1: Our analysis suggests Atlantia, as an acquirer, offers the greatest degree of upside
Implied share Upside to current Change to our
price (Eur) share price SOTP valuation
5
Construction
Infrastructure/Concessions
Figure 2: Hochtief is a contractor with a large Figure 3: A merger with Abertis will create Figure 4: The new company would have
exposure to Australia and the US a contractor/concession operator with a the ability to take market share in the
global reach greenfield and brownfield
infrastructure market
Hochtief pre-
pre -merger EBITDA 2018E HOT/ABE NewCo EBITDA 2018E HOT/ABE NewCo EBITDA 2018E
Europe Italy Germany
6% 5% 2% Contracting
Americas
Americas (Hochtief)
22%
27% 25%
Spain
23%
Concessions
Asia Pacific (Abertis)
Asia Pacific France
19% 75%
72% 24%
6
Construction
Infrastructure/Concessions
Figure 5: Hochtief may acquire Abertis using a combination of debt and equity
Debt Level
2018E 100% 74% 50%
Abertis BASE CASE
Incremental equity - 3,975 7,793
Hochtief net cash 769 769 769
Incremental debt (ABE market cap) 15,587 11,611 7,793
Existing net debt 16,508 16,508 16,508
EV of target 32,095 32,095 32,095
7
Construction
Infrastructure/Concessions
EURm
EUR m Enterprise value
Growth synergies -
Cost synergies (7x EBIT) 105
Tax shield 1,231
New co net debt pre-disposals -27,350
Disposals
Cellnex -1,409
Hispasat -1,622
Sanef (20% stake) -1,268
Total disposals -4,299
New co net debt post-disposals -23,052
8
Construction
Infrastructure/Concessions
Value accretion may come from the new company effectively deploying capital in greenfield
infrastructure projects in the US and Australia. We believe that there is a sizable pipeline
worth approximately EUR170bn over the next five years. If Hochtief is able to invest
EUR340m of equity in new projects at an IRR of 15%, we see upside to EUR150/share.
Figure 7: We see potential for value creation if Hochtief can win projects in the greenfield
infrastructure space
(EUR bn)
Estimated greenfield pipeline US and Australia 170
Over five years 34
Hochtief bids for 20% of projects 6.8
Win rate 20% 1.4
Figure 8: New company debt/EBITDA could reach 4.6x Figure 9: New company could generate cEUR3bn of FCF pa
4.0
2,000
3.0
EURm
1,500
2.0
1.0 1,000
0.0 500
-1.0
VINCI Ferrovial Eiffage Hochtief ACS HOT/ ABE ACS (ex- 0
NewCo Hochtief) Hochtief Abertis
Source: Company reports, Berenberg estimates Source: Company reports, Berenberg estimates
9
Construction
Infrastructure/Concessions
Figure 10: Strong FCF generation should allow for debt repayments and a healthy dividend
10
Construction
Infrastructure/Concessions
Scenario one: Hochtief raises EUR4bn of equity (74% debt/equity ratio) and ACSs
ACSs
stake in Hochtief declines to 49%
Hochtief could partially fund the acquisition with a PSA similar to Atlantias bid. With less
than a 50% stake we believe ACS would have to deconsolidate Hochtief. As a result ACSs
EBITDA could decline to ~EUR1.1bn 2018E from EUR2.3bn and the net debt/EBITDA may
increase to 2.2x from 0.6x 2018E.
ACS could receive a dividend worth ~EUR380m, a 6% dividend yield, assuming a 90% payout
ratio. Our SOTP valuation implies ACS would be worth EUR35 per share in this scenario. This
reduces upside by EUR5 compared to our standalone ACS valuation of EUR40 per share.
If ACS deconsolidates Hochtief, ACS will primarily be exposed to the Americas with a major
exposure to industrial services. The pie charts below show how ACSs geographical and end-
market mix could change. ACS is currently more exposed to Asia-Pacific, mainly due to
Hochtiefs stake in CIMIC and construction is its primary activity.
Figure 11: EBITDA split assuming Hochtief does not acquire Figure 12: EBITDA split after deconsolidating Hochtief, due to a
Abertis EUR4bn equity raise, which may dilute ACSs stake to below 50%
Americas
58% Asia Pacific
Asia Pacific
42% 9%
11
Construction
Infrastructure/Concessions
Figure13: EBITDA end market mix assuming Hochtief does not Figure14: EBITDA end market mix assuming Hochtief acquires
acquire Abertis Abertis. ACS will be more geared to industrial services
Construction Industrial
68% Services
63%
Source: Company reports, Berenberg estimates Source: Company reports, Berenberg estimates
Figure 5: Our SOTP valuation suggests ACS would be worth EUR35 per share if Hochtief raised EUR4bn of equity, potentially diluting ACSs
stake to 49%
Target
multiple Value
Revenue EBIT EBIT (EV/EBIT per
EURm (2018e) (2018e) margin % '18e) EV share
12
Construction
Infrastructure/Concessions
Scenario two: Hochtief funds the acquisition of Abertis using 100% debt and ACS
retains its 71.7% stake in Hochtief
EBITDA would increase to ~EUR6.2bn. However, due to the EUR15.5bn of additional debt
raised, ACSs net debt/EBITDA ratio would rise to 4.2x from 0.6x 2018E. This is significantly
higher than the 3.2x average of other concession contractors within our coverage and may be
detrimental to ACSs investment-grade credit rating, making this scenario unlikely, in our
view. Our SOTP valuation implies ACS would be worth EUR42 per share in this scenario.
While this is higher than our valuation under the equity scenario, we would be concerned
about the amount of leverage in the business.
As highlighted below, a Hochtief Abertis merger would change ACSs geographical and
business mix: ACSs geographical and end-market mix would shift away from Asia-Pacific in
favour of Europe and from contracting to concessions. This is due to concessions in higher-
margin, higher-capital-employed businesses than construction. We believe that ACSs
shareholders value the cyclical and industrial exposure that the shares provide and that the
onus will be on the new company to demonstrate the synergies and value creation that
would come from a potential merger.
Figure 15: EBITDA split assuming the new company is fully Figure 16: ACS will go from 100% contracting to just 38% if it
consolidated retained a majority stake in the new company
Americas
33%
Contracting
38%
Europe
50%
Concessions
62%
Asia Pacific
17%
13
Construction
Infrastructure/Concessions
Figure 17: Our SOTP valuation suggests that ACS is worth EUR42 per share if Hochtief acquires Abertis using 100% debt
Target
Multiple Value
Revenue EBIT EBIT (EV/EBIT per
EURm (2018e) (2018e) margin % '18e) EV share
14
Construction
Infrastructure/Concessions
Our SOTP valuation implies 19% upside to the current share price
We have created a new SOTP for Atlantia to ascertain the value of the group following the
potential merger with Abertis. On this basis we forecast 20% upside to the current share
price. Our analysis suggests that a merger with Abertis would take our valuation of Atlantia
to EUR32 per share from EUR30.
We believe that an SOTP-based valuation best captures the value. We have built separate
DCFs for each of the toll road assets, reflecting the different regulatory regimes, concession
durations, capex requirements and costs of capital.
Our assumptions are:
a cash offer at EUR16.5 per share;
a maximum take-up of 23% under the PSA agreement;
EUR100m of synergies; and
a sale by Atlantia of Hispasat and Abertiss 34% stake in Cellnex.
Figure 18: Our combined post-merger SOTP suggests that Atlantia is worth EUR32, representing 19% upside to the current share price
NEW SOTP
ATLANTIA
Italian toll roads 24,009
International toll roads 2,790
Airports 5,824
Other assets 1,376
A) ATL PROPORTIONATE EV 34,000
ABERTIS
France 10,721
Spain 6,990
AP7 3,787
LATAM 5,530
Italy 1,257
Satellites 2,487
Other assets 333
B) ABE PROPORTIONATE EV 31,106
PROPORTIONATE EV (A+B) 65,106
Synergies at 10x EBITDA 1,000
New co net debt after disposals (Cellnex; Hispasat) -40,215
New debt/tax impact 1,350
Minority debt adj 3,218
New co equity value 30,459
Number of shares at max allocation 954
Implied share price 32
ATLANTIA SHARE PRICE 32
Source: Company reports, Berenberg estimates
15
Construction
Infrastructure/Concessions
Figure 19: We see 51% EPS accretion in year one Figure 20: Guidance is for DPS +30% following the merger
Figure 21: Merger SOTP if Atlantia offers EUR18.5 per share for Abertis
16
ACS Actividades Construccion y Servicios
Construction Construction Contractors
17
ACS Actividades Construccion y Servicios
Construction Construction Contractors
HOLD
Investment thesis
ACS is a global contractor, providing geographic and business
26 September 2017 Reuters ACS.MC
diversification.
Bloomberg ACS SM
Current price Price target We believe that the outlook at ACSs end-markets is positive, which
should lead to a more favourable tendering environment and
Market cap (EUR m) 9,723 margin improvement.
EUR 30.90 EUR 35.00
25/09/2017 Madrid Close EV (EUR m) 13,745 Deleveraging and the simplification of ACSs business model make
Trading volume 1,400,000 it a more attractive investment, particularly given the valuation
discount to European contractor peers.
Free float 100.0%
Non-institutional shareholders Share performance Our valuation is based on an SOTP.
Inversiones Vesan: 12.52%; Corporacin High 52 weeks EUR 36.49
Financiera: 6.3%; Iberostar: 5.6%; Alba Low 52 weeks EUR 26.26
Participaciones: 4.73%
Business description Performance relative to
Engineering and construction company, with SXXP Euro Stoxx
main markets in Australia, the US and Spain. TMI
1mth -7.0% -
3mth -11.4% -
12mth -4.3% 0.9%
19
ACS Actividades Construccion y Servicios
Construction Construction Contractors
Valuation
We believe that an SOTP best captures the value at ACS, given the spread of activities it
undertakes. We downgrade our ACS valuation on the basis that it deconsolidates Hochtief
and a merger with Abertis goes ahead. On this basis, we reduce our price target from
EUR40 per share to EUR35.
Figure 3: Our SOTP valuation suggests ACS is worth EUR35 per share
Target
Multiple Value
Revenue EBIT EBIT (EV/EBIT per
EURm
EUR m (2018e) (2018e) margin % '18e) EV share
20
ACS Actividades Construccion y Servicios
Construction Construction Contractors
Financials
Profit and loss account
21
ACS Actividades Construccion y Servicios
Construction Construction Contractors
Balance sheet
22
ACS Actividades Construccion y Servicios
Construction Construction Contractors
23
ACS Actividades Construccion y Servicios
Construction Construction Contractors
Regional sales
24
ACS Actividades Construccion y Servicios
Construction Construction Contractors
Ratios
25
Hochtief AG
Construction Construction Contractors
The aim of a deal is to create value for shareholders by forming a Market cap (EUR m) 8,850
construction/infrastructure group with ample balance-sheet firepower, Reuters HOTG.DE
the technical know-how to manage construction risk and a wealth of Bloomberg HOT GY
operational experience. Hochtief would shift from being a contractor to
having a 75% exposure to concessions if it acquired Abertis. Changes made in this note
Upside potential reliant on substantial growth synergies: We believe Rating: Hold (no change)
Hochtiefs share price could be worth EUR142 following a merger with Price target: EUR 141.00 (135.00)
Abertis due to ~EUR15m of cost synergies. There is potential for 43% EPS Estimates changes
accretion in year one and a 6% dividend yield post-acquisition under this 2017E 2018E 2019E
scenario. However, if the new group were able to effectively deploy capital old % old % old %
Sales 22,581 -0.6 23,707 0.8 25,170 2.2
by investing EUR340m of equity in new greenfield infrastructure projects, PBT 842.66 1.2 911.25 7.6 982.46 10.5
which might otherwise be unattainable, we believe there could be a further EPS 6.89 1.7 7.57 7.4 8.13 10.6
Source: Berenberg estimates
6% upside to EUR150 per share.
Share data
We analyse two ways Hochtief could structure the potential transaction:
The size of the acquisition (~EUR16.4bn) may require Hochtief to issue Shares outstanding (m) 64
Enterprise value (EUR m) 9,116
equity; in our base-case scenario we assume that EUR4bn of equity is
Daily trading volume 200,000
raised under a PSA. Under this scenario we believe the new companys net
debt/EBITDA would increase to 4.6x from -0.5x 2018E. This assumes a
Key data
cash offer of EUR18 per Abertis share and that Cellnex, Hispasat and 20%
of Sanef are sold to help fund the acquisition. If funded with 100% debt, net Price/book value 3.5
debt/EBITDA would be 5.4x 2018E. Net gearing -21.4%
Y/E 31/12, EUR m 2015 2016 2017E 2018E 2019E Source: Thomson Reuters Datastream
Sales 21,097 19,908 22,454 23,908 25,736
EBITDA 1,143 1,041 1,210 1,317 1,448
EBITA 729 753 948 1,045 1,153
Net profit 265 361 450 522 578
Y/E net debt (net cash) -819 -704 -978 -1,099 -1,323
Reported EPS 3.11 4.98 6.74 7.92 8.82
Underlying EPS 3.95 5.62 7.01 8.13 8.99
CPS 12.98 10.22 7.94 6.41 8.71
DPS 2.00 2.60 3.24 3.76 4.16
EBITDA margin 5.4% 5.2% 5.4% 5.5% 5.6%
EBITA margin 3.5% 3.8% 4.2% 4.4% 4.5%
Dividend yield 2.7% 2.3% 2.4% 2.7% 3.0%
ROCE 17.3% 22.6% 33.6% 39.5% 48.5%
EV/sales 0.3 0.5 0.4 0.4 0.3
EV/EBITDA 5.2 9.7 8.1 7.3 6.5
EV/EBITA 7.5 12.4 9.6 8.7 7.7
P/E 18.6 24.5 19.7 16.9 15.3
P/E (excluding concessions) 18.0 23.9 19.2 16.5 14.9
Source: Company data, Berenberg
26
Hochtief AG
Construction Construction Contractors
HOLD
Investment thesis
The outlook in Hochtiefs end-markets is positive and supported by
26 September 2017 Reuters HOTG.DE
large infrastructure plans. This has driven accelerated growth in
Bloomberg HOT GY the order backlog. However, we believe this is already reflected in
Current price Price target the share price.
Market cap (EUR m) 8,850 The groups restructuring programme has paid off, but the easy
EUR 137.75 EUR 141.00 margin wins from the unwinding of legacy contracts are over; in our
25/09/2017 XETRA Close EV (EUR m) 9,116 view, margins are approaching normalised levels, and we see
Trading volume 200,000 limited scope for margin uplift.
Free float 28.2% Hochtiefs net cash position provides more optionality for its M&A
Non-institutional shareholders Share performance strategy.
ACS: 71.72% High 52 weeks EUR 172.20 The valuation looks unappealing. Hochtief is trading at a premium
Low 52 weeks EUR 120.50 to ACS. Our SOTP valuation methodology is based on observed
average forward EV/EBIT multiples for Hochtiefs construction
Business description Performance relative to peer group.
Provides construction and related services SXXP Euro Stoxx
mainly in Australia, the US and Europe. TMI
1mth -10.6% -
3mth -17.4% -
12mth -8.2% -3.0%
28
Hochtief AG
Construction Construction Contractors
Valuation
We value Hochtief at EUR141 per share. Our SOTP valuation methodology is based on
observed average forward EV/EBIT multiples for Hochtiefs construction peer group. We
value the Americas business at 9x EV/EBITA, the Europe business at 7x EV/EBITA and the
Asia-Pacific business (CIMIC) at 9x EV/EBITA.
29
Hochtief AG
Construction Construction Contractors
Financials
Profit and loss account
30
Hochtief AG
Construction Construction Contractors
Balance sheet
31
Hochtief AG
Construction Construction Contractors
32
Hochtief AG
Construction Construction Contractors
Regional sales
33
Hochtief AG
Construction Construction Contractors
Ratios
34
ACS Actividades Construccion y Servicios
Construction Construction Contractors
Please note that the use of this research report is subject to the conditions and restrictions set forth in the General investment
investment-
stment -related
disclosures and the Legal disclaimer at the end of
of this document.
country--specific disclosures, please refer to the respective
For analyst certification and remarks regarding foreign investors and country
paragraph at the end of this document.
Disclosures in respect of Article 20 of Regulation (EU) No. 596/2014 of the European Parliament and of the
Council of 16 April 2014 on market abuse (market abuse regulation MAR)
Company Disclosures
ACS Actividades Construccion y Servicios no disclosures
Hochtief AG no disclosures
Abertis Infraestructuras SA no disclosures
Atlantia SpA no disclosures
(1) Joh. Berenberg, Gossler & Co. KG (hereinafter referred to as the Bank) and/or its affiliate(s) was Lead Manager or Co-
Lead Manager over the previous 12 months of a public offering of this company.
(2) The Bank acts as Designated Sponsor/Market Maker for this company.
(3) Over the previous 12 months, the Bank and/or its affiliate(s) has effected an agreement with this company for investment
banking services or received compensation or a promise to pay from this company for investment banking services.
(4) The Bank and/or its affiliate(s) holds 5% or more of the share capital of this company.
(5) The Bank holds a long position in shares of this company.
(6) The Bank holds a short position in shares of this company.
Historical price target and rating changes for ACS Actividades Construccion y Servicios in the last 12 months
months
Date Price target - EUR Rating First dissemination GMT Initiation of coverage
14 March 17 36.00 Buy 2017-03-15 07:07 17 March 16
30 August 17 40.00 Buy 2017-08-31 07:02
26 September 17 35.00 Hold -
Historical price target and rating changes for Hochtief AG in the last 12 months
Date Price target - EUR Rating First dissemination GMT Initiation of coverage
06 April 17 126.00 Hold 2017-04-07 07:10 17 March 16
27 July 17 135.00 Hold 2017-07-28 07:10
26 September 17 141.00 Hold -
Historical price target and rating changes for Abertis Infraestructuras SA in the last 12 months
Date Price target - EUR Rating First dissemination GMT Initiation of coverage
20 April 17 15.00 Hold 2017-04-21 07:35 22 June 16
30 August 17 16.00 Hold 2017-08-31 07:02
Historical price target and rating changes for Atlantia SpA in the last 12 months
Date Price target - EUR Rating First dissemination GMT Initiation of coverage
20 April 17 30.00 Buy 2017-04-21 07:35 22 June 16
Click here for a list of all recommendations on any financial instrument or issuer that were disseminated during the preceding 12-
month period.
Berenberg
Berenberg Equity Research ratings distribution and in proportion to investment banking services on a quarterly basis, as
of 1 July 2017
35
ACS Actividades Construccion y Servicios
Construction Construction Contractors
General investment-
investment - related disclosures
Joh. Berenberg, Gossler & Co. KG (hereinafter referred to as the Bank) has made every effort to carefully research all information
contained in this financial analysis. The information on which the financial analysis is based has been obtained from sources which
we believe to be reliable such as, for example, Thomson Reuters, Bloomberg and the relevant specialised press as well as the
company which is the subject of this financial analysis.
Only that part of the research note is made available to the issuer (who is the subject of this analysis) which is necessary to properly
reconcile with the facts. Should this result in considerable changes a reference is made in the research note.
Opinions expressed in this financial analysis are our current opinions as of the issuing date indicated on this document. The
companies covered by Berenberg are continuously followed by the analyst. Based on developments with the relevant company, the
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appropriate.
The functional job title of the person/s responsible for the recommendations contained in this report is Equity Research Analyst
unless otherwise stated on the cover.
The following internet link provides further remarks on our financial analyses:
http://www.berenberg.com/research.html?&L=1&no_cache=1
Legal disclaimer
This document has been prepared by Joh. Berenberg, Gossler & Co. KG (hereinafter referred to as the Bank). This document does
not claim completeness regarding all the information on the stocks, stock markets or developments referred to in it.
On no account should the document be regarded as a substitute for the recipient procuring information for himself/herself or
exercising his/her own judgements.
The document has been produced for information purposes for institutional clients or market professionals.
Private customers, into whose possession this document comes, should discuss possible investment decisions with their customer
service officer as differing views and opinions may exist with regard to the stocks referred to in this document.
This document is not a solicitation or an offer to buy or sell the mentioned stock.
The document may include certain descriptions, statements, estimates, and conclusions underlining potential market and company
development. These reflect assumptions, which may turn out to be incorrect. The Bank and/or its employees accept no liability
whatsoever for any direct or consequential loss or damages of any kind arising out of the use of this document or any part of its
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The Bank and/or its employees may hold, buy or sell positions in any securities mentioned in this document, derivatives thereon or
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Analyst
Analyst certification
I, Saravana Bala, hereby certify that all of the views expressed in this report accurately reflect my personal views about any and all
of the subject securities or issuers discussed herein.
In addition, I hereby certify that no part of my compensation was, is, or will be, directly or indirectly related to the specific
recommendations or views expressed in this research report, nor is it tied to any specific investment banking transaction
performed by the Bank or its affiliates.
36
ACS Actividades Construccion y Servicios
Construction Construction Contractors
I, Robert Muir, hereby certify that all of the views expressed in this report accurately reflect my personal views about any and all of
the subject securities or issuers discussed herein.
In addition, I hereby certify that no part of my compensation was, is, or will be, directly or indirectly related to the specific
recommendations or views expressed in this research report, nor is it tied to any specific investment banking transaction
performed by the Bank or its affiliates.
I, Olivia Peters, hereby certify that all of the views expressed in this report accurately reflect my personal views about any and all
of the subject securities or issuers discussed herein.
In addition, I hereby certify that no part of my compensation was, is, or will be, directly or indirectly related to the specific
recommendations or views expressed in this research report, nor is it tied to any specific investment banking transaction
performed by the Bank or its affiliates.
United Kingdom
This document is meant exclusively for institutional investors and market professionals, but not for private customers. It is not for
distribution to or the use of private investors or private customers.
Third-
Third-party research disclosures
Company Disclosures
Disclosures
ACS Actividades Construccion y Servicios no disclosures
Hochtief AG no disclosures
Abertis Infraestructuras SA no disclosures
Atlantia SpA no disclosures
(1) BCM or its affiliates owned 1% or more of the outstanding shares of any class of the subject company by the end of the prior
month.
(2) The subject company is or was, during the 12-month period preceding the date of distribution of this report, a client of BCM or
its affiliates. BCM or its affiliates provided the subject company non-investment banking, securities-related services.
(3) BCM or its affiliates received compensation from the subject company during the past 12 months for products or services other
than investment banking services.
(4) During the previous 12 months, BCM or its affiliates has managed or co-managed any public offering for the subject company.
(5) BCM is making a market in the subject securities at the time of the report.
(6) BCM or its affiliates received compensation for investment banking services in the past 12 months, or expects to receive such
compensation in the next 3 months.
(7) There is another potential conflict of interest of the analyst(s), BCM, of which the analyst knows or has reason to know at the
time of publication of this research report.
(8) The research analyst or a member of the research analyst's household serves as an officer, director, or advisory board member
of the subject company
(9) The research analyst or a member of the research analysts household has a financial interest in the equity or debt securities of
the subject company (including options, rights, warrants, or futures).
(10) The research analyst has received compensation from the subject company in the previous 12 months.
* For disclosures regarding affiliates of Berenberg Capital Markets LLC please refer to the Disclosures in respect of section 34b of the
German Securities Trading Act (Wertpapierhandelsgesetz WpHG) section above.
37
ACS Actividades Construccion y Servicios
Construction Construction Contractors
Copyright
The Bank reserves all the rights in this document. No part of the document or its content may be rewritten, copied, photocopied or
duplicated in any form by any means or redistributed without the Banks prior written consent.
38
Contacts
EQUITY SALES
SPECIALIST SALES UK (cont'd) CRM LONDON (cont'd)
AUTOS & TECHNOLOGY Sean Heath +44 20 3465 2742 Laura Cooper +44 20 3753 3065 Stewart Cook +44 20 3465 2752
Edward Wales +44 20 3207 7815 Gursumeet Jhaj +44 20 3753 3041 Jessica Jarmyn +44 20 3465 2696 Mark Edwards +44 20 3753 3004
BANKS, DIVERSIFIED FINANCIALS & INSURANCE James Matthews +44 20 3207 7807 Madeleine Lockwood +44 20 3753 3110 Tom Floyd +44 20 3753 3136
Iro Papadopoulou +44 20 3207 7924 James McRae +44 20 3753 3036 Rita Pilar +44 20 3753 3066 Tristan Hedley +44 20 3753 3006
Calum Marris +44 20 3753 3040 David Mortlock +44 20 3207 7850 Peter King +44 20 3753 3139
BUSINESS SERVICES, LEISURE & TRANSPORT Eleni Papoula +44 20 3465 2741 COO Office Simon Messman +44 20 3465 2754
Rebecca Langley +44 20 3207 7930 Bhavin Patel +44 20 3207 7926 Greg Swallow +44 20 3207 7833 AJ Pulleyn +44 20 3465 2756
CONSTRUCTION,CHEMICALS, METALS & MINING Kushal Patel +44 20 3753 3038 Fenella Neill +44 20 3207 7868 Matthew Regan +44 20 3465 2750
James Williamson +44 20 3207 7842 Richard Payman +44 20 3207 7825 Michael Schumacher +44 20 3753 3006
CONSUMER DISCRETIONARY Clmence Peyraud +44 20 3465 2651 CORPORATE ACCESS Paul Somers +44 20 3465 2753
Victoria Maigrot +44 20 3753 3010 Christopher Pyle +44 20 3753 3076 Lindsay Arnold +44 20 3207 7821
HEALTHCARE Joanna Sanders +44 20 3207 7925 Jennie Jiricny +44 20 3207 7886
David Hogg +44 20 3465 2628 Mark Sheridan +44 20 3207 7802 Stella Siggins +44 20 3465 2630 EQUITY TRADING
MEDIA & TELECOMMUNICATIONS George Smibert +44 20 3207 7911 HAMBURG
Julia Thannheiser +44 20 3465 2676 Alexander Wace +44 20 3465 2670 EVENTS David Hohn +49 40 350 60 761
THEMATICS Paul Walker +44 20 3465 2632 Charlotte David +44 20 3207 7832 Gregor Labahn +49 40 350 60 571
Chris Armstrong +44 20 3207 7809 Suzy Khan +44 20 3207 7915 Lennart Pleus +49 40 350 60 596
FRANCE Natalie Meech +44 20 3207 7831 Marvin Schweden +49 40 350 60 576
SALES Thibault Bourgeat +33 1 5844 9505 Eleanor Metcalfe +44 20 3207 7834 Omar Sharif +49 40 350 60 563
BENELUX Alexandre Chevassus +33 1 5844 9512 Rebecca Mikowski +44 20 3207 7822 Philipp Wiechmann +49 40 350 60 346
Miel Bakker +44 20 3207 7808 Dalila Farigoule +33 1 5844 9510 Ellen Parker +44 20 3465 2684 Christoffer Winter +49 40 350 60 559
Bram van Hijfte +44 20 3753 3000 Benjamin Voisin +33 1 5844 9507 Sarah Weyman +44 20 3207 7801
LONDON
GERMANY SALES TRADING Edward Burlison-Rush +44 20 3753 3005
Michael Brauburger +49 69 91 30 90 741 SCANDINAVIA HAMBURG Richard Kenny +44 20 3753 3083
Nina Buechs +49 69 91 30 90 735 Mikko Vanhala +44 20 3207 7818 Tim Storm +49 40 350 60 415 Chris McKeand +44 20 3207 7938
Andr Grosskurth +49 69 91 30 90 734 Marco Weiss +49 40 350 60 719 Ross Tobias +44 20 3753 3137
Florian Peter +49 69 91 30 90 740 PARIS
Joerg Wenzel +49 69 91 30 90 743 SWITZERLAND, AUSTRIA & ITALY Vincent Klein +33 1 58 44 95 09
Andrea Ferrari +41 44 283 2020 Antonio Scuotto +33 1 58 44 95 03
UK Gianni Lavigna +41 44 283 2038 ELECTRONIC TRADING
Fabian De Smet +44 20 3207 7810 Jamie Nettleton +41 44 283 2026 LONDON Jonas Doehler +44 40 350 60 391
Jules Emmet +44 20 3753 3260 Yeannie Rath +41 44 283 2029 Assia Adanouj +44 20 3753 3087 Matthias Fhrer +49 40 350 60 597
Robert Floyd +44 20 3753 3018 Benjamin Stillfried +41 44 283 2033 Charles Beddow +44 20 3465 2691 Sven Kramer +49 40 350 60 347
Karl Hancock +44 20 3207 7803 Mike Berry +44 20 3465 2755 Matthias Schuster +44 40 350 60 463
BERENBERG CAPITAL MARKETS LLC Member FINRA & SIPC E-mail: firstname.lastname@berenberg-us.com
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