SGS : Feedback from conference call: vague 2021 guidance but business back on the right track, excessively high valuation, as we see it, though
>Organic growth and margins beat expectations thanks to H2 in 2020 - Revenue improved significantly in H2, with a return to growth in December. Among the regions that saw the sharpest rebound, China benefited from double-digit recovery in July/August and is now turning in single-digit growth (PPE, inspection). Latin America, Russia and Europe also bounced back in H2, while the situation remained challenging in North America. Adjusted operating income margin was stable...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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