BILFINGER SE: Decent Q3 but business impacted through customers by supply-chain and inflation issues | BUY | EUR39 VS. EUR35 (+22%)
BILFINGER SE - BUY | EUR39 VS. EUR35 (+22%)Decent Q3 but business impacted through customers by supply-chain and inflation issues
Decent performance in Q3
North American customers penalised by supply-chain and inflation
Well placed to benefit from any nuclear revival in Western Europe
Outlook : guidance upgraded. Buy maintained.
Bilfinger SE is a holding company. Through its subsidiaries, Co. develops, builds, maintains and operates facilities and structures for infrastructure, real estate, industry and the energy sector. Co.'s business segments include: Industrial, which is comprised of Industrial Maintenance; Insulation, Scaffolding and Painting; Oil and Gas; Industrial Fabrication and Installation; Engineering, Automation and Control; and Support Services; Power, which is comprised of Power Systems, and Piping Systems; Building and Facility, which is comprised of Building, Facility Services, Real Estate, and Water Technologies; and Construction, which is comprised of Construction, and Infrastructure.
Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.
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