Applus Service SA : Good H1 2019 results confirm potential for margin improvement
>Good interim results, a shade above expectations for the margin - Applus has reported H1 2019 earnings broadly in line with our forecasts and slightly ahead of the consensus. Organic growth of 6.6% in H1 is exactly in line (ODDO BHF: 6.6%e; consensus: 6.4%e), implying a sequential slowdown as expected in Q2 (+5.5% vs 7.6% in Q1) due to the calendar effect, and the forex effect contributed to the tune of 1.3% (ODDO BHF: 0.7%e). Adjusted EBITA is 3% above the consensus...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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