Report
Nicolas Thorez

CS Group : Reprise confirmée sur les marges au S2 2019 – Visibilité réduite sur 2020

>Contraction des marges en 2019, malgré un net rattrapage au S2 - CS a publié des résultats 2019 légèrement supérieurs aux attentes. Pour un CA déjà publié en croissance de 14.1% y/y (+4.6% org.), l’EBIT courant ressort à 14.1 M€ (vs ODDO BHF 12.7 M€), soit une marge opérationnelle de 6.1% (-1.5 pt vs 2018). Ce niveau implique une marge S2 de 7.3%, en nette amélioration par rapport au S1 (4.8%) et proche des niveaux normatifs. En tenant compte des postes exceptionnels...
Underlying
CS Group SA

CS Communication et Systemes is a contractor in the design, integration and operation of mission critical systems, and is focused on sectors such as: Defense, Space and Security (By combining information, systems interoperability and operations command, Co. leverages the deployment of mission-critical defense), Aeronautics (Co. conducts projects and develops and maintains technical information and real-time systems), Transportation (Co. offers solutions, spanning from roadside equipment to back-office systems, from integration to operation and maintenance support), and Energy and Industry (simulation, high performance computing, safety, risk management, and production data processing).

Provider
Oddo BHF
Oddo BHF

​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.

Analysts
Nicolas Thorez

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