AALBERTS : Volume headwind in Building Tech worse than expected
>Volume headwind in Building Tech but EBITA margin in line with expectation - Aalberts H1 disappoint a little. Sales missed css by 1% while EBITA missed css by 2%. Organic growth was -3.9% vs -2.1% expected (AOe -2.9%). Value add was strong at 63.8% (AOe 61.6%) and the EBITA margin came in at 15.0%, in line with css and our expectation. That suggests higher than expected opex. NWC (and particularly inventory) did not decline as much as expected and came in at €818m vs...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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