Exel Industries : Very gradual pick-up, low visibility over 2021
>Q3/9M revenues beat our expectations - Exel Industries reported Q3 revenues of € 210.4m (€ 173.8m estimated) vs € 225m, down 6.4% and 10.4% on an organic basis. 9M revenues were down 8.6% and -11.2% organically. This third quarter is in line with H1 (-11.7% organically). Over this quarter, Industrial Spraying was the worst hit division (-18% and -37.5% organically). Conversely, the pleasant surprise, which explains most of the difference in relation to our estimates,...EXEL Industries designs and manufactures precision spraying equipment that it markets to three markets: farming, industry and consumers. Co. organizes its operations into two divisions: Plant Protection (manufactures professional, semi-professional and consumer agricultural spraying equipment for plant protection; plant health products sprayed include herbicides, insecticides, fungicides, liquid fertilizers and other products) and Material Protection (supply of material protection products in two different areas: paint and viscous industrial product application equipment; and elimination of dust and odors).
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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