Aalberts : Preview 2H2020-FY2020 results
>Continued recovery - We expect Aalberts to report that the recovery in 2H2020 has continued. We forecast an organic sales decline of 4.4%, resulting in sales of € 1.33bn (consensus at € 1.31bn) and an EBITA of € 151.9m (consensus at € 152.4m) or a margin of 11.5%, down from 12.5% in 2H2019 but up from 9.5% in 1H2020. We pencil in solid FCF in 2H20, resulting in full year FCF of € 232m, including capex of EUR 105m (guidance EUR 110m). As a result, FY20E net debt/EBIT...Aalberts Industries is a technology company. As of Dec 31 2015, Co. is organized into four businesses: building installations, which produces and sells connection systems and valves to distribute and control water or gas in heating, cooling, drinking water, gas and sprinkler installations in residential, commercial and industrial buildings; climate control, which develops and produces complete hydronic systems-from source to emitter- for heating and cooling systems; industrial controls, which develops and produces regulation and control systems for selected niche markets; and industrial services, which provides a combination of material technology know-how and manufacturing capabilities.
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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