Applus Service SA : Materialisation of operational leverage, at last!
>A better-than-expected start to the year - Q1 earnings beat expectations on a number of levels. Sales were € 415m up 9% y-o-y, of which 7.6% organic, more or less in line with Q4 2018 at 7.8%, whilst forecasts had been less ambitious (6.3% for the consensus and 5.5% on our estimates). The EBITA margin came as a welcome surprise showing an 80bp improvement y-o-y (pro forma impact of IFRS 16), the majority of which organic, to 9.3% in Q1, vs an improvement of closer to...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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