STEF : 2018 a year of transformation and sustained investment: Target price lowered to €104 vs € 117 – Neutral vs Buy
>Feedback from road show: 2018 (and 2019?): a year of transition - Following the road show in Paris last Friday with STEF’s CFO, we note the following:The European food consumption market contracted in H1 (+1.3%) with a decline in Italy (-0.9%) and Spain (-0.4%) and despite good resilience in France (+3%). However, STEF’s 2018 sales should remain on a positive trend (estimated at +7.8% to € 3.2bn) buoyed by i/ the increase in volumes (accentuated by market shar...Stefanutti Stocks Holdings is a holding company. Co. provides a range of services in the engineering and construction industry, focusing on structures, buildings, roads, open-pit mining, mechanical services, industrial instrumentation, electrical contracting and power distribution equipment. Co.'s customers include governments, state-owned companies and local authorities, industrial and mining corporations, financial institutions and property developers. Co. is structured into these groups: Structures; Building; Road, Pipelines and Mining; and Mechanical, Electrical and Power. Co. operates in South Africa, sub-Saharan Africa as well as in the Middle East, in the private and public sectors.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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