Applus Service SA : Q1 postview: still some upside, despite some identified risks. Outperform rating and target price of € 10.5 unchanged
>The two divisions generating the highest margins, auto and labs (37% of revenues), are at pre-COVID levels. For the others, the recovery will take longer. - The management gave a recap on the performances of the various divisions and gave some information on the outlook.E&I (Energy & Industry) - 50% of Q1 revenues: the management confirmed the organic decline in the O&G segments of -25% in the quarter with around -40% for O&G capex (10% of the E&I division and ...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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