...Solid Operating Profile: Astaldi S.p.A has historically been able to achieve operating margins above the sector average, thanks to the complexity and quality of its projects. In the last seven years the company has doubled its revenues (+13% CAGR 2006-2013) with the EBIT margin constantly exceeding 8.5% in the past four years. Well-Balanced Backlog: The construction activity backlog of EUR7.1bn as of March 2014 is equivalent to 3.0x revenues. The good revenue visibility benefits from the growth in general contracting of which 70% was won in foreign markets. Some concentration risk is present, with the top three foreign projects accounting for over 40% of the international construction backlog. Strengthening International Presence: Astaldi has recently expanded into Chile, Peru, Poland and Russia, beyond its traditional bases in Italy, Central America and the Middle East. The strategic goal for the coming years is to "go east" and to scout the high-potential market of the Asian-Pacific area,...
