Dormakaba : After the disappointing FY 2019-20 results, July again showed negative y-o-y growth
>FY 2019-20: disappointing growth and margin, solid FCF - FY 2019-20 annual results published yesterday were significantly lower than expected, with EBITDA of € 325m, 9% below forecasts, which implies H2 results that were nearly 20% lower than anticipated. FY 2019-20 organic growth came in at -6.9%, shy of our forecast (-6.4%) and that of the consensus (-5.2%). The EBITDA margin contracted by 310bp to 12.8% (consensus at 13.7% and ODDO BHF at 13.3%). The group indicat...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.
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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