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Webuild (NR/BB/BB): Roadshow Notes

CAPITAL GOODS
  • Global large infrastructure builder focused on mobility, hydro energy, water and green buildings projects. 34% revenue from Italy, 90% developed markets plus Middle East.
  • €64bn backlog; 2.2x book-to-bill at FY23.
  • €1.4bn net cash, 3.2x gross leverage at FY23.
  • €4bn liquidity.
  • The company has been performing strongly with credit metrics showing an improving trend; revenue growth, expanded EBITDA margins and falling leverage in recent years.
  • FCF looks thin when adjusted for working capital. The business has -€2.08bn in WC which can swing aggressively in this sector. Important to focus on gross leverage here.

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