Elis : H1 2020 results above forecasts – 2020 EBITDA margin and FCF expected in line with 2019
>Satisfactory H1 results: EBITDA at 32.5% of sales, +20bp (vs 29.5%e) - Elis reported robust interim earnings above forecasts, marked by 1/ a sales drop of 15.7% to € 1,351.7m (vs € 1,309.7m est.; consensus: € 1,326m) of which -14.7% organic. In Q2 alone, l-f-l sales were down -27% (Oddo BHF: -32% est.). By region, we have factored in H1 (l-f-l) a stronger drop in the areas most exposed to the hospitality sector (France: -20.5%, UK and Ireland: -26.3% and southern Eur...Elis is a multi-service group in the rental, laundry and maintenance of textile, hygiene and well-being items in Europe and Latin America. Co. serves hundreds of thousands of customers of all sizes, belonging to various professional customer segments: hospitality, healthcare, industry, trade and services. Co. also has a manufacturing business carried out by two entities, Le Jacquard FranASSais and Kennedy Hygiene Products which together form one of the company's operating segments.
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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