Spie is a provider of electrical engineering and IT services and an infrastructure and building contractor. Co. helps to design, finance, manage and implement an array of projects ranging from high-speed TGV and conventional rail lines to metros and light rail systems. In addition, Co. offers telecom and information network services. Through the Commercial Segment, Co. is engaged in construction and renovation projects. Co. also offers wired building services as well as multi-disciplinary industrial maintenance and facilities management solutions.
  • TickerSPIE
  • ISINFR0012757854
  • ExchangeEuronext Paris
  • SectorSupport Services
  • CountryFrance
Christophe Chaput ...
  • Sylvain Goyon, CFA

ODDO BHF Small & MIDCAP MORNING NEWS - 09/02/2020

The presentation of the stimulus plan for the French economy is scheduled for 3 September. Whilst the amount has been known (€ 100bn) for some time now, the details will only be disclosed on that date. This document therefore seeks, on the basis of the major trends that have been communicated, to identify the players, covered by ODDO BHF Securities’ equity research department, potentially concerned by the major expenditure categories. This compilation allows us to highlight 40 groups ...

Christophe Chaput ...
  • Sylvain Goyon, CFA

ODDO BHF Small & MIDCAP MORNING NEWS - 02/09/2020

La présentation du plan de relance français est prévue pour le 3 septembre. Si le montant est connu (100 Md€) de longue date, les détails ne le seront qu’à ce moment-là. Ce document cherche donc, sur la base des grandes orientations qui ont été communiquées, à recenser les acteurs, couverts par le bureau de recherche d’ODDO BHF, potentiellement concernés par les grands chapitres de dépenses. Ce recensement permet de mettre en avant 40 groupes potentiellement concernés par les annonces...

Christophe Chaput

Spie : Quality H1 and reassuring prospects for H2. The valuation remains very attractive given the opportunities in the medium term

>Business in H2 forecast close to last year’s level and a resilient FCF - Following the publication of interim results that topped expectations (EBITA € 93.3m vs € 73m estimated; net debt € 1.465bn vs € 1.679bn estimated), we have reviewed the start of the second half which has confirmed a relatively resilient trend. 1/ In terms of activity, after a first half marked by a 9% contraction in business l-f-l (Q1 -0.2%; Q2 -17.1%), the group reaffirmed that it had see...

Christophe Chaput

Spie : Un premier semestre de qualité et des perspectives rassurantes sur le S2. La valorisation demeure très « Value » au regard des opportunités à MT

>Une activité au S2 attendue proche de l’an dernier et un FCF résilient - Suite à la publication des résultats semestriels qui se sont révélés supérieurs aux attentes (EBITA 93.3 M€ vs 73 M€ estimés ; Dette nette 1.465 Md€ vs 1.679 Md€ estimés), nous avons fait le point sur le début du deuxième semestre qui se confirme être relativement résistant. 1/ Au niveau de l’activité, après un premier semestre marqué par une baisse de l’activité à périmètre et changes cons...

With a more favourable environment, SPIE improves to Slightly Positive

SPIE (FR), a company active in the Heavy Construction industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 4 out of 4 stars, as well as its unchanged, moderately risky market behaviour. The title leverages a more favourable environment and raises its general evaluation to Slightly Positive. As of the analysis date August 4, 2020, the closing price was EUR 14.18 and its potential was estimated at EUR 17.53.

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Global Equities Beginning a New Leg Higher Positive technical developments have continued and global equities are now breaking out to new highs -- something we noted was increasingly likely in last week's Int'l Compass. These breakouts and other technical developments highlighted below argue that this is the beginning of a new leg higher. Now is the time to be playing offense. • MSCI ACWI, EAFE, and STOXX Europe 600 are Breaking Out. The ACWI, EAFE, and STOXX 600 are making bullish inflections, following in the footsteps of MSCI EM and Japan. The proliferation of breakouts is building a st...

Dave Nicoski ...
  • Ross LaDuke

Int'l Insights: Developed Markets Leadership Chart Book

Europe in focus The U.S. dollar continues to grind marginally higher, and EM equities have suffered as a result. Meanwhile, RS for the MSCI EAFE index is bottoming when compared to the MSCI EM index, largely due to outperformance in Europe. With developed int'l markets beginning to outperform emerging markets, we recommend adding exposure to the developed int'l space. Below we highlight attractive and actionable themes within developed int'l: • Europe & Japan: Though this is an all-encompassing bottoms-up chart book for developed ex-U.S., make no mistake, the vast majority of today's buy r...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Opportunities in Europe, Japan As markets pull back amid the tariff saga we continue to believe this is an attractive time to add exposure. This view is supported by the technicals with all major global indexes (MSCI ACWI, ACWI ex-U.S., EAFE, and EM) pulling back to their respective 200-day moving averages... see charts below. • Actionable Sectors: Services and Consumer Staples in Europe and Japan. We often view the Services Sector as a defensive way to invest in Technology. We also highlight several Consumer Staples stocks within Europe (the STOXX 600 Food & Beverage index remains leader...

Matthieu DRIOL

Analyse court terme - SPIE SA : Les prix baissent.

La tendance de fond est clairement orientée à la baisse. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 13,15 €. La tendance de fond serait remise en cause en cas de franchissement de 18,33 €.

Matthieu DRIOL

Short term view - SPIE SA : Falling prices.

The background trend is clearly bearish. Prices are falling again, but the movement has become hesitant. The next support is at €13.15. The background trend would be questioned should prices rise above €18.33.

A director bought 21,378 shares at 22.040EUR and

A director at Spie bought 21,378 shares at 22.040EUR and the significance rating of the trade was 98/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board m...

Christophe Chaput

Spie : Quality H1 and reassuring prospects for H2. The valuation remains very attractive given the opportunities in the medium term

>Business in H2 forecast close to last year’s level and a resilient FCF - Following the publication of interim results that topped expectations (EBITA € 93.3m vs € 73m estimated; net debt € 1.465bn vs € 1.679bn estimated), we have reviewed the start of the second half which has confirmed a relatively resilient trend. 1/ In terms of activity, after a first half marked by a 9% contraction in business l-f-l (Q1 -0.2%; Q2 -17.1%), the group reaffirmed that it had see...

Christophe Chaput

Spie : Un premier semestre de qualité et des perspectives rassurantes sur le S2. La valorisation demeure très « Value » au regard des opportunités à MT

>Une activité au S2 attendue proche de l’an dernier et un FCF résilient - Suite à la publication des résultats semestriels qui se sont révélés supérieurs aux attentes (EBITA 93.3 M€ vs 73 M€ estimés ; Dette nette 1.465 Md€ vs 1.679 Md€ estimés), nous avons fait le point sur le début du deuxième semestre qui se confirme être relativement résistant. 1/ Au niveau de l’activité, après un premier semestre marqué par une baisse de l’activité à périmètre et changes cons...

Christophe Chaput

Spie : Better than expected H1 results – Healthy outlook for H2 – Leverage finally controlled in 2020. Stock added to our midcap Convictions list

>H1 earnings were higher than expected: sales down 9% lfl (-9.4%e; css: -10.9%) and EBITDA of €93.3m (€73me; css: €88.5m) - For its first half, Spie has reported higher than expected earnings, reflecting: 1/ a decline in sales of 6.8% to € 3,021.6m whereas we were forecasting € 3,010.6m (Css: €2,965m), bearing in mind that on a constant forex and scope basis, the decline would have been 9% (we were forecasting -9.4% and the css: -10.9%). In Q2 alone, the decline in sa...

Christophe Chaput

Spie : Résultats S1 meilleurs qu’attendu – Bonnes perspectives sur le S2 – Un levier finalement maitrisé en 2020. Intègre notre liste Convictions midcaps

>Résultats S1 supérieurs aux attentes : CA -9% lfl (-9.4%e ; css : -10.9%) et EBITDA 93.3 M€ (73 M€e ; css : 88.5 M€) - Au titre de son premier semestre, le groupe Spie publie des résultats au-dessus des attentes, marqués par : 1/ une baisse de son chiffre d’affaires de 6.8% à 3 021.6 M€ alors que nous retenions 3 010.6 M€ (Css : 2 965 M€), en sachant qu’à périmètre et changes constants, la baisse aurait été de 9% (nous retenions -9.4% et le css : -10.9%). Sur le seul...

Christophe Chaput

Spie : Highly satisfactory performance against a troubled backdrop, still very much a value stock amid strong FCF generation

The health crisis is set to cause earnings to plummet in H1, with revenues expected to drop 9.4% LFL and EBITA to plunge 53%, but the group is holding up well in Germany (27% of revenues) and appears to be showing signs of a sharp pick-up in France (39%) in May and June. On the back of firm control over WCR, debt is kept on a tight rein over the full year (3.6x EBITDA vs. 2.9x in 2019), after hitting a 4.3x peak at end-June due to the traditional seasonal effect. FCF should indee...

Pierre François Merveille

Spie : Leeway to address the Covid-19 crisis

While Q1 results are decent, with stable organic sales and EBITA margin, Q2 results are expected to contract sharply as business has been limited by lockdown measures in Europe, particularly in countries where strict constraints have been implemented (France, Belgium and, to a lesser extent, the UK). The group's performance is expected to be closer to the 2019 level in H2, but with negative impacts linked to the macroeconomy and preventive sanitary measures. However, Spie has sev...

Pierre François Merveille

Spie : De la flexibilité pour traverser la crise liée au Covid-19

Si les résultats du T1 2020 sont corrects avec un CA organique et une marge d’EBITA stables, les résultats du T2 devraient nettement se contracter car l’activité a été limitée par les mesures de confinement en Europe, et notamment les pays où des contraintes strictes ont été mises en œuvre (France, Belgique et UK dans une moindre mesure). L’activité devrait être plus proche du niveau de 2019 au S2, avec toutefois de possibles impacts négatifs liés à la macroéconomie et aux mesure...

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 07/11/2019 - Crédit Agricole, Teva - FR

TP ICAP - Europe - Morning CreditUpdate 07/11/2019 - Crédit Agricole, Teva - FR

Spie : SPIE reassures on its cash generation, but the bond valuation is now demanding

Publication date 01/02/2019 07:53 - Writing date 01/02/2019 07:53 - Equity data - Reco : Buy - Target : 20.50 EUR - Equity analyst: Christophe Chaput - - +33 (0)4 72 68 27 03 - ESG analyst: XXX - Corporate Governance: Opportunity (2) - / - / - - - - - Net leverage at SPIE peaked at 3.5x at the end of 2017, forced up by a contraction in EBITA margin, the SAG acquisition and restructuring/integration costs. We are reassured about the group's deleveraging trajectory...

Spie : SPIE rassure sur la génération de cash, mais la valorisation des obligations devient exigeante

Le levier net de SPIE a atteint un pic à 3.5x à fin 2017, affecté par la contraction de la marge d’EBITA, l’acquisition de SAG et les coûts de restructuration/intégration. Nous sommes rassurés quant à la trajectoire de de-leveraging suite aux résultats sur 9M 2018 (début d’amélioration des marges) et à plusieurs bonnes nouvelles concernant la génération de FCF (amélioration du BFR au S2 2018, cession d’une partie de SAG Gas&Offshore qui brûlait du cash). Cette trajectoire devrait...

Christophe Chaput ...
  • Sylvain Goyon, CFA

ODDO BHF Small & MIDCAP MORNING NEWS - 09/02/2020

The presentation of the stimulus plan for the French economy is scheduled for 3 September. Whilst the amount has been known (€ 100bn) for some time now, the details will only be disclosed on that date. This document therefore seeks, on the basis of the major trends that have been communicated, to identify the players, covered by ODDO BHF Securities’ equity research department, potentially concerned by the major expenditure categories. This compilation allows us to highlight 40 groups ...

Christophe Chaput ...
  • Sylvain Goyon, CFA

ODDO BHF Small & MIDCAP MORNING NEWS - 02/09/2020

La présentation du plan de relance français est prévue pour le 3 septembre. Si le montant est connu (100 Md€) de longue date, les détails ne le seront qu’à ce moment-là. Ce document cherche donc, sur la base des grandes orientations qui ont été communiquées, à recenser les acteurs, couverts par le bureau de recherche d’ODDO BHF, potentiellement concernés par les grands chapitres de dépenses. Ce recensement permet de mettre en avant 40 groupes potentiellement concernés par les annonces...

Alain William ...
  • Aurelien Sivignon
  • Charles Lepetitpas
  • Christophe Chaput
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • Geoffroy Michalet
  • Hana Maalej
  • Hela Zarrouk
  • Jean-François Granjon
  • Jeremy Garnier
  • Jerôme Bodin
  • Martial Descoutures
  • Nicolas David
  • Nicolas Thorez
  • Oussema Denguir
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 04/29/2020

...

With a more favourable environment, SPIE improves to Slightly Positive

SPIE (FR), a company active in the Heavy Construction industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 4 out of 4 stars, as well as its unchanged, moderately risky market behaviour. The title leverages a more favourable environment and raises its general evaluation to Slightly Positive. As of the analysis date August 4, 2020, the closing price was EUR 14.18 and its potential was estimated at EUR 17.53.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the we...

Spie - Assemblée Générale des actionnaires du 29 mai 2020

A la vue des récents événéments relatifs au Covid-19, dont les conséquences restent encore non quantifiables, Proxinvest est favorable au fait de réduire la distribution de dividendes afin d'éviter des risques de liquidité pour les entreprises ou de générer des risques pour leur survie. Ainsi, nous émettons une recommandation positive à l'affectation du résultat (résolution 3). Parallèlement, la société fait valoir que M. Louette, Président Directeur Général, a décidé de réduire sa rémunération de 25% pendant la période de confinement. La rémunération totale 2019 de M. Louette s'élève à 2 02...

Jehanne Leroy

Spie - Assemblée générale des actionnaires du 24 mai 2019

RémunérationsBien que la rémunération de M. Louette ne comprenne pas de part long-terme attribuée au titre de 2018, ce qui ne respecte pas nos préconisations, nous notons qu’il détient toutefois un nombre d’actions significatif équivalant à 28,2 M€. Ainsi, cette absence de part long-terme ne pose pas de problème dans le cas présent.Par ailleurs, la communication de la société permet une très bonne compréhension des montants attribués et la rémunération 2018 de M. Louette présente des montants acceptables. Nous soutenons donc la résolution 7. Concernant la politique de rémunération 2019, la so...

Jehanne Leroy

Etude de l'AG du 16/05/2017

The company now properly discloses information related to its Chairman and CEO Gauthier Louette. This allows shareholders to clearly evaluate whether amounts granted are aligned with the group’(s performance.We note that a LTI plan was implemented in 2016. Its performance criteria are quite challenging and they do not allow vesting in case of underperformance.Considering these improvements, Proxinvest supports items 5 and 6.However, post-employments benefits remain excessive. Hence, we recommend shareholders oppose item 4 related to related-party agreements.

Jehanne Leroy

Etude de l'AG du 16/05/2017

La société communique désormais plutôt bien les informations relatives à la rémunération de son premier dirigeant, Gauthier Louette. Cette transparence permet aux actionnaires de mieux comprendre les liens entre performances de la société et montants attribués.On notera par ailleurs que la société a mis en place une rémunération long-terme cette année dont les conditions de performance ne permettent pas d'acquisition ne cas de sous-performance, ce qui est tout à fait appréciable.Au regard des améliorations mises en place, Proxinvest recommande l'approbation aux résolutions 5...

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