Fielmann AG : Activité toujours bien orientée mais notre sentiment reste mitigé
>Croissance T2 à +12% contre+11% pré annoncés, marges en ligne, outlook FY confirmé en attendant la clôture de l’acquisition aux US - Les résultats détaillés pour le S1 montrent un CA à 971M€ un peu au-dessus des 966 M€ indiqués lors du trading statement du 13 juillet et reflètent une croissance y/y de 13.6% y/y (soit selon nos calculs +11.6% à périmètre constant hors intégration MFI en Espagne), un EBITDA de 208 M€ (contre 207 M€ pré indiqués) soit une marge à 21.4%...Fielmann is an eyewear manufacturing group based in Germany. Co. is predominately active in the optical industry and operates across every level: as manufacturer, agent and optician. Co. is involved in the operation of and investment in opticians' shops, hearing aid companies and the manufacture of and trade in visual aids and other optical products, in particular spectacles, spectacle frames and lenses, sunglasses, contact lenses, related articles and accessories, freely traded merchandise not subject to licensing of all kinds as well as hearing aids and related accessories. Co. markets its products in Germany, Switzerland, Austria, Belarus, Ukraine, Poland, Netherlands, and Luxembourg.
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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