190410 Arcadis | 2018 free cash flow was not a fluke

190410 Arcadis | 2018 free cash flow was not a fluke

No. pages 22
Description
On basis of the results, its earnings outlook and valuation multiples one had expected that the share price of Arcadis would have relayed to higher levels. However, the investment community remains somewhat sceptical whether or not the improvement in free cash flow generation was an one-time event. We admit that the company's free cash flow was inflated by an unusual high inflow of other working capital but even adjusted for that item, we believe that its free cash flow will remain at least at virtually the current level and will mark the start for new highs.
Content

1   introduction
2   Arcadis at a glance
3   ample room for improvement across the board
4   financial KPIs for the key markets
5   financial KPIs for the improvement areas
6   financial KPIs for Arcadis 
7   Arcadis Logos Energia
8   valuation multiples
9   fair value assessment
10 summary and conclusions
    appendix

Created Date: Wednesday April 10, 2019 09:38:01
Last Updated Date: Wednesday April 10, 2019 09:38:01
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