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MarketScreener Homepage  >  Equities  >  Xetra  >  Bilfinger SE    GBF   DE0005909006

BILFINGER SE

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Germany's booming construction sector lifts sales forecast

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09/10/2019 | 06:07am EDT
Construction workers prepare concrete formworks in Berlin

BERLIN (Reuters) - Germany's construction sector on Tuesday raised its outlook and now sees revenue growth of almost 9% in 2019, in a sign that the boom continues for one of the remaining growth drivers in Europe's biggest economy's as its manufacturing falters.

"We still assess our industry's position as positive," Reinhard Quast, the head of Germany's ZDB construction industry group said in a statement, adding that the sector was currently the country's number one growth driver.

ZDB lifted its revenue growth forecast in nominal terms for 2019 to 8.7% from a previously forecast 6% and sees a 5% increase in 2020.

With its sales abroad hit by trade tensions, a global slowdown and an increasingly chaotic run-up to Brexit, the bulk of Germany's economy increasingly depends on its robust domestic spending driven by high employment and strong demand in the construction sector.

Earlier on Tuesday, Germany's HDE retail association upheld its 2% growth outlook for the full year. This compares to a total growth rate of 0.5% Germany's government projects for the economy in 2019, down from 1.5% in 2018.

Weaker exports sent Germany's economy down 0.1% in the second quarter and some weak economic data since then has fuelled concerns that the economy could also shrink in the third, which would be a technical recession.

Revenues from housing construction are forecast to increase 9% this year, ZDB said, driven by fiscal incentives to help Germans acquire property and ease Germany's housing shortage.

Business construction is expected to reach a growth rate of 7.5% as the sector is seen maintaining its high pace in the third quarter, but will lose steam in the fourth, ZDB added, as lower numbers of constructions permits point to less investment.

(Reporting by Tassilo Hummel; Editing by Michael Nienaber)

Stocks mentioned in the article
ChangeLast1st jan.
BILFINGER SE -0.43% 27.74 Delayed Quote.9.34%
EURO / BRITISH POUND (EUR/GBP) 0.02% 0.86394 Delayed Quote.-4.40%
HOCHTIEF -0.09% 106.6 Delayed Quote.-9.18%
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Financials (EUR)
Sales 2019 4 373 M
EBIT 2019 113 M
Net income 2019 62,4 M
Debt 2019 48,8 M
Yield 2019 3,69%
P/E ratio 2019 20,1x
P/E ratio 2020 11,2x
EV / Sales2019 0,27x
EV / Sales2020 0,25x
Capitalization 1 122 M
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Average target price 35,59  €
Last Close Price 27,86  €
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