SGS : Achat vs Neutre - Plus de confort sur l’amélioration de la marge
>La croissance organique devrait rester soutenue au S2 - Malgré la base de comparaison difficile, le S2 17 ayant marqué l’accélération de la croissance chez SGS (+4.9% au S2 17 vs 3.4% au S1), la croissance organique devrait rester soutenue au S2 18, nous l’estimons désormais à 5.2%e, ce qui conduit à un rythme robuste de 5.4%e sur l’année (vs 5%e pour le consensus). Par division, la dynamique devrait s’améliorer séquentiellement en AFL (meilleure orientation du comme...SGS is engaged in the provision of inspection, verification, testing, certification and quality assurance services. Co.'s business lines include: Agricultural; Minerals; Oil, Gas & Chemicals; Life Science; Consumer Testing; Systems & Services Certification; Industrial; Environmental; Automotive; and Governments & Institutions. As of Dec 31 2014, Co.'s geographic operations were organized as follows: Europe, Africa, Middle East (Western Europe, Northern and Central Europe, Southern Central Europe, Eastern Europe & Middle East, and Africa); Americas (North America, and South America); and Asia Pacific (East Asia, China & Hong Kong, and South Eastern Asia & Pacific).
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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