Applus Service SA : Confiance dans l’amélioration de la marge en E&I malgré un T4 difficile
>Un T3 légèrement en dessous des attentes - Le CA T3 est ressorti 1% en dessous des attentes, en hausse de 5% yoy, incluant un effet change positif de +0.6% et une contribution des acquisitions nettes des cessions de -0.4%. La croissance organique de 4.8% sur le trimestre est légèrement en dessous de notre attente (ODDO BHF 5%e) et du consensus (5.2%e) et marque un ralentissement séquentiel plus fort qu’anticipé (vs 6.6% au S1 2019 et 5.5% au T2). La marge d’EBITA s’a...Applus Services SA is a Spain-based company that provides inspection, testing and quality assurance services. The Company's activities are divided into five segments: Applus+ RTD, which provides non-destructive testing services mainly to the oil industry; Applus+ Velosi-Norcontrol, which offers solutions for technical assistance, supervision, inspection, quality control testing, certification and consulting services mainly to industrial, electrical, oil and telecommunications facilities; Applus+ Laboratories, which focuses on laboratory testing, system certification and product development services within aerospace, industrial and consumer goods sectors, among others; Applus+ Automotive, which is responsible for the vehicle roadworthiness testing services, and Applus+ IDIADA, which delivers design, engineering, testing and certification services mainly to car manufacturers. The Company operates in Europe, Africa, Asia and the Americas.
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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