GL Events : H1 revenue in line, our FY estimates lowered, rating cut to Reduce and target price to € 9.5 from € 14
>H1 revenues in line - GL Events reported yesterday evening interim revenues in line with our expectations. Revenues came in at € 267m, down 55.2% and all divisions were hit by the decline. This should come as no surprise after the group gave an indication in a press release published in June 2020.Live (59% of revenues – Services): € 158m, down 43% (-45% vs 2018), despite certain works carried out such as in Tokyo (for the Olympic Games finally postponed to 2021)...GL events is an international provider of event solutions and services. Co. operates in three segments of the event industry market: the organization of trade fairs, conventions and events(Co. organizes proprietary trade shows); the management of venues(Co.'s venues are managed under concession agreements or long-term public-private partnerships); and services for events(Co. equips and installs every type of event). Co. assists companies, institutions, and event organizers at every stage of the process from the definition of their event strategies to final implementation in the field.
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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