Synergie : Top line momentum intact, pressure on margins confirmed, Buy position maintained, target price unchanged at €58
>Underlying operating profit at € 57.7m (vs € 57.1m estimated), i.e. underlying operating margin down 70bp to 4.7% - Synergie reported yesterday evening interim results broadly close to our expectations. With € 1,238.4 in revenues (previously reported), jumping 12.7% YoY (+9.1% LFL), the underlying operating profit was close to our estimate, down 2.5% to € 57.7m (vs € 57.1m estimated), implying an underlying operating margin of 4.7% (vs. 4.6% estimated), down 70bp YO...Fervent Synergies Limited is engaged in activities auxiliary to financial service activities, and other financial service activities. The Company lends short-term funds as and when available with the Company, for earning business income in line with continuation of business activities of its amalgamating companies.
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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