Manitou : Caution confirmed in the short term following the publication of annual results
>Record profits in 2019, as promised, but no increase in the dividend - Yesterday evening, Manitou reported its 2019 results. Based on organic sales growth of +10% (published at end-January), the operating margin improved by +20bp to 7.1%, in line with our forecast (ODDO BHF = 7.1%) and the group’s target (7.1-7.2%). This profitability factors in major investment, amongst which the strengthening of positions in the US and the broadening of the range of products a...Manitou BF is active on the global market for material handling. Co. divides its activities into three divisions: Rough Terrain Handling (RTH) where Co. assembles and distributes rough terrain handling equipment such as masted forklift trucks and fixed and rotating telescopic forklift trucks; Industrial Material Handling (IMH) where Co. designs and distributes semi-industrial masted forklift trucks; industrial forklift trucks; truck-mounted forklifts; and Compact Equipment (CE) where Co. designs, assembles and distributes skid steer loaders, telescopic forklift trucks, articulated loaders and mini excavators. Co.'s brands include Manitou®, Gehl®, Mustang®, Loc®, Edge®.
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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