Report
Fives (Novafives) : A profile more vulnerable to economic slowdown
After a tough year in 2018, Fives' margins improved in 9M 2019 driven by cost savings and positive momentum in the Logistics segment. The anticipated FCF generation at the end of FY 2019 should help credit metrics to improve. However, as reflected by the declining order intake at Fives in recent months, visibility remains limited in the longer run given a challenging economic climate. - >Support factors - Well-diversified business and geographical mix. Fives provides e...
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Oddo BHF
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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