"The results of the construction sector (PAP) for the third quarter of 2017 were weak.The dynamics of EBITDA amounted to -34 percent yoy, and net profit -56 percent yoy (not including Budimex) .The weak construction figures are primarily responsible for railway construction companies (Trakcja , Torpol, ZUE) and electricity (Polimex, Mostostal Warszawa, Mostostal Zabrze, Elektrobudowa), where EBITDA fell by 48 percent in total, and net profit by 84 percent yoy "- it was written. Br> According to analysts, the most interesting company in the sector Unibep remains our favorite in the sector. Despite significant problems in the road segment, the company has been showing a positive net profit dynamics (yoy) for the fifth consecutive quarter, currently the cheapest construction company with a P / E of 2018 equal to 7,7) "- it was written. Br> Analysts invariably recommend buying Budimex and Elektrobudowa. In their opinion, these companies are characterized by the highest in the sector: cash position, dividend potential and provisions balance. Br> According to analysts, most development companies reported results similar to expectations in the third quarter of 2017. br> "Exceptions were Robyg, Lokum and Dom Development, whose results surprised unexpectedly.The aggregate developer's margin on housing activity amounted to 28 percent and did not change yoy, "wrote. Br> Analysts, due to rising costs and cases of construction delays, refrained from raising forecasts for years 2018-2019. Br> "This does not change our view that the sector is priced very attractively, and the risk factors are exaggerated by the market," it wrote. Br>
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