Initiation of coverage SPIE BUY, TP EUR20 A solid vehicle in uncertain times
Initiation of coverage SPIE BUY, TP EUR20 A solid vehicle in uncertain timesListed in 2015, SPIE is the largest independent multi-technical services specialist, with a strong focus on Europe. In a still-very-fragmented market, the group has been able to integrate more than 125 acquisitions in the last 15 years. It has gradually improved its operating profitability from around 3% to 6% EBITA margin, and is now amongst the best in class. We expect SPIE’s dynamics to accelerate, as its market share remains limited at 3% in its current geographical footprint, while the group is very well placed to benefit from solid long-term drivers.
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.
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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