Report
Delphine Brault

Dormakaba : A new warning after disappointing H1 results…

>H1 2019-20: disappointing growth and EBITDA - H1 2019-20 organic growth reached just 0.8% vs 1.3% forecast by the consensus and 1.0% by ODDO BHF, mainly hit by the DACH division (delays on some projects) and by the APAC division (lacklustre business in Hong Kong and in Australia and decline in export sales from China). The EBITDA margin, down 50bp (vs +30bp forecast by the consensus and ODDO BHF) was impacted by sluggish volumes, difficulties in the US (Mesker’s ERP...
Underlying
Dormakaba Holding AG

dormakaba Holding and its subsidiaries are engaged in the security industry. Co. offers its customers solutions that benefits in terms of security, organization and convenience. Co.'s offering ranges from individual components, products and systems to fully integrated solutions from a single source. Co.'s activities are organized along three business segments: Door Systems, which provides a flexible and extensive range of automatic doors, gates and wall systems; Access & Data Systems, which includes all hardware and softwarebased components and systems for access control solutions; and Key & Ident Systems which produces key blanks and key encoding machines for the duplication of keys.

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
Delphine Brault

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