Who’s Out (For Now) 🚪
#Eiffage and #BalfourBeatty could have made the cut, but we’re narrowing the field.
#RoyalBAM is excluded: negative baselines made two metrics unmeasurable!
(4/5)
Balance Sheet Dynamics 📑
IC turnover reveals the tradeoffs:
👉 #BalfourBeatty rotates assets fast but runs on thin margins.
👉 #Vinci holds a heavier asset base yet delivers stronger margins.
Classic buy vs rent!
(3/5)
Company Insights 🛠️
Here’s the snapshot:
🟢 #Eiffage, #Vinci, #BalfourBeatty, #Strabag → positive earnings growth and reasonable P/E ratios.
⚠️ #NCC (pure-play) → solid industry, but above implied fair value.
⚠️ #Acciona → renewables exposure + valuation pressure = overvalued on #PEG.
(2/5)
2020–2024 insights 👇
It’s a mixed bag:
🟢 #Vinci: clear leader with revenue and margins up; a rare combo in this sector.
🟡 #BalfourBeatty: improved efficiency, but razor-thin margins leave no safety net.
🔴 #Acciona: margins slipping, renewables volatility hitting hard.
(2/5)
From Our Colleagues at Railway Age: SAN CARLOS, Calif. ––Caltrain, with partners Pacific Gas & Electric Company (PG&E) and Balfour Beatty, have energized and tested the OCS (overhead catenary system) on the entire 51-mile Caltrain Electrification Project between San Francisco and San Jose. The next step is testing the system’s Stadler Rail-built EMUs (electric multiple-units) at maximum operating speed and prepare for electrified revenue service, expected to commence in September 2024.
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