Sequana : Release a shade below our expectations, target price lowered to € 0.25 (vs € 0.35)
>9M sales at € 1,758.7m (vs € 1,757.8m), down 2.1% on a pro-forma basis - Sequana reported this morning results at 30/09/2018 close to our expectations, with sales down 2.1% on a pro-forma basis to € 1,758.7m, close to our estimate at € 1,757.8m. Sales dropped 0.5% at constant currency. EBITDA stood at € 45.7m (-13.6%), implying a 2.6% margin (-30bp), while the underlying operating profit worked out at € 28.0m (-26.9 %), implying an underlying operating margin of 1.6...Sequana. Sequana SA, formerly known as Sequana Capital, is a France-based holding company. The Company's main business activity is paper manufacturing and distribution of paper and packaging products. Sequana SA has two principal wholly owned subsidiaries: Arjowiggins, which manufactures technical papers for image enhancement and protection, and Antalis, which distributes paper for printing, office use, as well as both packaging and visual communications sector. The Company has operations in France, the United Kingdom, Finland, Poland, Ireland, Belgium, Denmark, Hungary, Argentina, Brazil, Australia, China and Botswana, among others. As of August 31, 2014, Bpifrance Participations held a 19.68% stake and Exor SA a 17.03% stake in the Company's shareholdings.
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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