Applus Service SA : Not many triggers in the short term but the punishment looks too harsh
>A mixed set of Q1 figures with significant margin contraction - The deterioration in sales in Q1 was more modest than expected, with a decline of -0.3% in organic terms (vs our forecast of -3.3%, -1% according to the FactSet consensus), offset by a positive scope impact (+0.7%, forex effect -0.1%). The unpleasant surprise clearly came from markedly weaker profitability in Q1, with adjusted EBITA contracting by -30% y-o-y in organic terms, taking the margin to 6.6% in...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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