Applus Service SA : Heading for a greener and more profitable business thanks to M&A, management somewhat cautious in our view…Outperform rating and target price of € 10.5 unchanged
>The positive aspects of 2020: accretive acquisitions and lower exposure to O&G capex - Management provided details on the performances of the various divisions. For the E&I segment, management reiterated the plan to reduce its exposure to O&G capex (11% in 2018, 9% in 2019 and 7% in 2020 – 2014-2019 CAGR of -17%) and is expecting this to ultimately represent an intangible part of the group. Nonetheless, O&G opex should remain significant (25% of group sales, 2014-20...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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