Arcadis : Better than expected margins and FCF + incredibly strong order intake
>EBITA margin to 11.4% vs css 11.3%, FCF a beat off 12% - As we had feared, expectations for organic growth were a tad too high (6.0%) although the actual number (5.0%) was better than our estimate of 4.6%. Net sales therefore missed css by 2%. The conversion of that organic growth in to EBITA was, however, excellent. Although the absolute EBITA came in 2% lower than css, the operating EBITA margin came in at 1.4% vs css at 11.3% and our estimate of 11.2%. Clearly, t...Arcadis NV is a global asset design and consultancy company. The Company is engaged in providing consultancy, design, engineering and management services in the area of infrastructure, water, environment and buildings. The Company's segments include Americas; Europe and Middle East; Asia Pacific, and CallisonRTKL. Its business lines include infrastructure, water, environment and buildings. Infrastructure business line focuses on sustainable infrastructure solutions for transportation by road, rail, air and over water, and creating reliable energy supply systems. The Company is an environmental solutions provider to private industry, and delivers projects that protect the earth's resources. It offers water supply, treatment, management and conveyance solutions. The Company also offers contract solutions, master planning and sustainable urban development, commercially led program management, business advisory, data analysis and architecture and design solutions.
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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