Manitou : Back to a positive recommendation following an unsurprising first half and the fall in the share price
>H1 results with no unpleasant surprises - good top-line momentum with margin leverage - Manitou yesterday evening posted its H1 18 results, which matched our estimates, with:Revenue growth of +18% on an organic basis at € 941m (Oddo = € 937m), with all geographies (particularly northern Europe), divisions (particularly CEP) and markets (particularly Construction) in positive territory.A +70bp expansion in the operating margin to 6.7% (Oddo = 6.7%), as volum...Manitou Gold is a resource exploration company engaged in the acquisition, exploration and advancement of gold properties in northwestern Ontario. Co.'s principal assets are mining claims and deferred exploration expenditures made with respect to properties which are not in commercial production. Co. is in the process of exploring its mining claims and has not yet determined whether or not the properties will contain economically recoverable reserves.
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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