SPIE - BUY Top Picks | EUR25 VS. EUR24 (+21%) Guidance upgraded, on the back of a favorable environment
SPIE - BUY Top Picks | EUR25 VS. EUR24 (+21%)Guidance upgraded, on the back of a favorable environment
Solid H1 figures, in particular EBITA margin in North-Western Europe
Guidance upgraded – estimates slightly revised
Room for further bolt ons, on the back of better than expected FCF
Buy Top Pick confirmed – TP at EUR25 vs EUR24
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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