no Investo, la spiegazione è in questo articolo che allego: in sostanza Webuild ha parlato di contratti acquisiti in periodi pre Covid ( e pre guerra aggiungo io ) che ora dovrebbero essere rinegoziati a causa delle condizioni avverse in termini di costi di materie prime e personale lievitati; solitamente, come specifica l'analista sotto richiamato, i contratti stipulati in questo settore prevedono quasi sempre clausole di revisione che tengano conto di scenari mutati (visto che per definizione sono contratti pluriennali)
Dunque POTREBBE trattarsi di tempesta in un bicchiere ( i volumi restano abbastanza bassi) , ma è chiaro che una risposta della società sarebbe gradita..
Webuild Bonds Drop Most Ever as Report Fuels Rising Cost Worries
• Company’s notes have fallen several points in last few days
• Costs make pre-pandemic contracts unworkable, director says
By Giulia Morpurgo
(Bloomberg) --
Webuild SpA bonds fell the most ever Wednesday as analysts drew attention to a report that Italy’s largest construction firm is wrestling with higher production costs due to soaring inflation.
The notes maturing in 2025 slid 8 cents on the euro to 75.6 cents, according to CBBT pricing compiled by Bloomberg. Other bond tranches maturing in 2024, 2026 and 2027 saw similar-sized declines, while Webuild shares fell 4% in Milan.
Webuild declined to comment on the move in its bond price.
Mediobanca analysts were among those drawing attention to a Bloomberg News report published earlier this week that cited Webuild’s Asia-Pacific director as saying infrastructure construction contracts signed before the pandemic have become largely unworkable due to surging costs of labor and materials, supply-chain blockages and difficulties securing manpower.
Speaking from Perth, Australia, director Marco Assorati declined to comment on media reports that Webuild’s consortium has asked the Australian government for an extra A$2.2 billion to complete construction of the country’s largest hydroelectric power station and that the project is 18 months behind schedule.
Pre-Covid Construction Contracts Are Unworkable, Webuild Says
According to Bloomberg Intelligence analyst Stephane Kovatchev, renegotiating contracts due to unforeseen increases in costs, is common practice in the construction industry.
“Our base case scenario is for Webuild to pass-on labor cost inflation in Australia without jeopardizing its net debt guidance for 2022,” Kovatchev said, adding that the company benefits from a strong backlog and healthy liquidity which could improve its credit metrics.Webuild’s bonds have been under pressure the last few months as inflation worries and concerns over a shift of political power in Italy weighed on the company’s debt. The 2026 notes, which were issued just in January, are already down 34% versus their face value, according to Bloomberg data.
