Report
Fives (Novafives) : Temporary turbulence
After a highly satisfactory performance in 2017, Fives reported disappointing Q1 2018 results and cut its 2018 targets. The price of the 5% 2025 notes shed up to 5 pts and is currently trading at 98% (midprice). - In this note we shall review various components of the release, such as the sharp margin contraction, albeit temporary, recorded in the quarter and the expected negative impact of sanctions against Iran and Russia on Fives' 2018 results. We are lowering our credit opinion...
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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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