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The one that was one of the clbadic Ibex 35 companies is now struggling to not become the worst value of the entire continuous market in 2018.
OHL shares deepen their historical lows with a new collapse. After announcing losses of 1,335 million euros, its capitalization is well below 200 million euros.
What was one of the clbadic Ibex 35 companies has a hard time not becoming the worst value of the overall market. Continued in 2018. The contribution losses only since January are close to 90%, which corresponds to the most punished society on the Spanish stock market this year, Nyesa, and especially to the falls recorded by Dia and Adveo, suspended yesterday by the CNMV after being declared bankrupt.
OOH shares plummet after the publication of their results for the first nine months of the year. In fact, the bearish spiral started just before knowing their number. The previous September 27 was still too recent among OHL investors.
The shares of the construction company then fell by 23.68% in response to the publication, at the end of the previous session, of its results corresponding to the first half of the year.
Investor fears about the new results resulted in an additional 18% drop in yesterday's session, at 0.75 euros, a new record low. At this level, its capitalization was limited to 215 million euros. The results published at the closing "justified" the previous fears expressed by the investors. The construction company recorded losses of 1,335 million euros.
The impact of the sale of the concessions is compounded by the losses calculated by the new defective construction projects. Unfavorable benchmarks reach other variables such as sales. The turnover decreased by more than 14% to 2,048 million euros. Revenues of the Construction and Industrial Divisions decreased by 14.9% and 30.6%, respectively.
Debt, one of the most monitored variables in OHL, improved by 52% to 754 million euros. but following the sale of the concessions business, the loss of which continues to weigh on the results of the group.
In Search of a Floor
The reaction of investors to the publication of the results has been overwhelming. They had already recorded an avalanche of orders on their shares before the opening. The consequence was a "block" of their listing during the first 13 minutes of session, not allowing to correct any change from the 0.75 euros with which they closed yesterday. Once the listing was unlocked, equities saw initial declines of 16.6% to EUR 0.62, which corresponds to a capitalization of EUR 179 million, lower than other Continuum companies such as Nextil, Ezentis, Audax Renovables or Southern Real Estate.
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