Manutan International : Q1 2019-20 undershot our expectations – target price adjusted to € 80 (vs € 84)
>Q1 sales of € 197m, up 2.3% (-0.9% l-f-l) - Manutan International yesterday evening reported Q1 2019-20 sales of € 197m, up 2.3%, but below our forecast of € 204m (+5.9% est.). Growth posted over the quarter includes a scope effect of 3% (vs 3.4%e) linked to the integration of Kruizinga and a slight positive currency effect of +0.2%. Organic growth was negative to the tune of -0.9% (incl. -1.1% number of working days effect) whereas we had been forecasting like-for-l...The Manutan Group is a retailer whose focus is on the multichannel distribution market, providing supplies and equipment for a businesses and local authority customer base. Co. mainly markets its products and services in 19 countries throughout Europe where it has operations, Africa, Asia and in the Middle East. Co.'s product offerings comprise over 200,000 items, covering products required by businesses for their materials handling, lifting, storage, industrial supplies, safety, hygiene, packaging, office and workshop furniture, supplies and consumables needs, as well as furniture for hotels and restaurants, and educational, healthcare and sport materials for local authorities.
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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