QSC AG : Share price under pressure as 2018 EBITDA and initial guidance for 2019 both shy of consensus; our estimates remain in line
>FY 2018: Solid top-line execution but EBITDA slightly shy of consensus - QSC AG published its preliminary full-year 2018 results on 27 February. Revenues were up 2.5% yoy to € 366.8m (guidance: € 360m: Oddo BHFe: € 365.8m, cons: € 364.9m) driven by positive temporary effects in the telecom (TC) segment. Since TC’s reseller subsegment has systematically lower margins, however, EBITDA came in at € 35.4m, down 3.4% yoy (guidance: € 35-40m, Oddo BHFe: € 35.3m, cons: € 36...QSC is a provider for the Information Technology and Telecommunications market. Co.'s range of products, services and solutions includes solutions for the individual needs of business customers as well as products for smaller companies and distribution partners. The range can be classified into: Telecommunications services, Outsourcing, Consulting and Cloud Services. Co. has three business units: Direct Sales, which focuses on solutions business, and addresses larger and mid- size enterprises in Germany; Indirect Sales, which addresses smaller and mid-size companies in Germany; and Resellers, which bundles its business with service providers that address residential customers.
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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