Bollore : Good Q1 with solid growth in the transport commission and a good start to the year in the port segment
>Outperform rating reiterated - Bolloré's Q1 2020 sales, reported yesterday, beat expectations. The transport & logistics (T&L) segment posted organic growth of 15% driven by the transport commission but also by good momentum in African ports. This is key for profitability in 2021, amid falling costs. We still expect solid growth from this segment in 2021 (+6%) and operating margin improvement. We maintain our Outperform rating on the stock with a target price of € 5....Bollore is a holding company. Through its subsidiaries, Co. conducts business in international logistics, transportation and logistics in Africa (port management, stevedoring, logistics), fuel distribution, batteries and supercapacitors, electric vehicles, plastic films for capacitors and packaging, dedicated terminals and systems, plantations, communicationa and the media (television and free press, advertising and market research) and the management of portfolio shareholdings. Co.'s activities can be divided into four segments: Transportation and logistics, Industry, Fuel distribution, and Other activities.
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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