• TickerVRLA
  • ISINFR0013447729
  • ExchangeEuronext Paris
  • SectorGeneral Industrials
  • CountryFrance
Jean-François Granjon

Verallia : Excellent H1 performance – Strong resilience – reassuring 2020 targets

>H1 results beat our expectations - Verallia published H1 results higher than we had expected. Sales came out at € 1,274.6m (€ 1,215.9m estimated) vs. € 1,329.4m, down 4.1% and down just 0.9% in organic terms. They reflect a decline of 5.4% in Q2 (€ 629.9m, € 571.1m estimated) compared with organic growth of +4% in Q1. Ebitda came out at € 298.7m (€ 272.1m estimated) vs. € 312.8m, down just 4.5%, giving a margin of 23.4% (vs. 23.5%, -10bp). Ebitda in Q2 came out at € ...

Jean-François Granjon

Verallia : Excellent H1 performance – Strong resilience – reassuring 2020 targets

>H1 results beat our expectations - Verallia published H1 results higher than we had expected. Sales came out at € 1,274.6m (€ 1,215.9m estimated) vs. € 1,329.4m, down 4.1% and down just 0.9% in organic terms. They reflect a decline of 5.4% in Q2 (€ 629.9m, € 571.1m estimated) compared with organic growth of +4% in Q1. Ebitda came out at € 298.7m (€ 272.1m estimated) vs. € 312.8m, down just 4.5%, giving a margin of 23.4% (vs. 23.5%, -10bp). Ebitda in Q2 came out at € ...

Jean-François Granjon

Verallia : Excellente performance semestrielle – Forte résilience – Objectifs 2020 rassurants

>Résultats semestriels supérieurs à nos attentes - Verallia publie des résultats semestriels supérieurs à nos attentes. Le CA semestriel ressort à 1274,6 M€ (1215,9 M€ estimé) vs 1329,4 M€ en repli de 4,1% et de seulement 0,9% en organique. Il traduit un repli de 5,4% au titre du T2 (629,9 M€, 571,1 M€ estimé) à comparer à une hausse organique de +4% au T1. L’EBITDA semestriel ressort pour sa part à 298,7 M€ (272,1 M€ estimé) vs 312,8 M€ en repli limité de 4,5% soit u...

Raiffeisen Centrobank Equity Daily 31.07.2020

◾AT: Andritz - 2Q 20 results way above expectations, new 2020 guidance: sales slightly down, EBITA margin at ~5% (positive) ◾AT: Erste Group - Higher COR in 2Q, but strong operating result and capital (positive) ◾FR: Verallia - Not immune but 2Q solid, FY guidance in line with RCBe (neutral) ◾PL: mBank - 2Q 20 conference call notes (neutral) ◾RO: Transgaz - The regulator set Transgaz's regulated revenue for transit pipeline 2 for the next gas year at roughly half last year's total transit revenue (neutral) ◾RU: Novatek - 2020e capex to be cut by additional 15%, with no impact on LNG investment...

Verallia 2Q 20 - Not immune but 2Q solid, FY guidance in line with RCBe

Verallia digested the peak Covid-19 related pressure in 2Q reasonably well, in our view. Top line pressure accelerated qoq but was somewhat lower than flagged during the 1Q conference call. The group targets FY 20 adj. EBITDA above the FY 18 figure of EUR 543 mn which leaves us confident with our forecast of EUR 553 mn (-10% yoy).

Alexandre Iatrides ...
  • Charles Lepetitpas
  • Florent Laroche-Joubert
  • Jean-François Granjon
  • Johanna Jourdain
  • Martial Descoutures
  • Matthias Desmarais
  • Nicolas David
  • Sebastien Malafosse
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/08/2020

We are initiating coverage of Phoenix with a Buy recommendation and a target price of 775 pence. Phoenix Group is the UK’s leading life and pension consolidator and is poised to finalise the acquisition of its main competitor, ReAssure, in the coming weeks. It boasts rigorous management of its capital, with significant cash generation and an attractive shareholder return. Cf. company report published today. - ...

Fatma Ayachi ...
  • Jean-François Granjon
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 07/08/2020

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