SGS : H1 2019 preview: slower growth and little margin leverage
>Slowdown in organic growth in H1 2019 - We lower our organic growth estimate to 3.7%e for the full year vs 4.3% previously ahead of the H1 results publication (18/07). H1 is likely to show a more marked slowdown than initially expected at 3.3%e (vs 4%e previously), compared with 4.9% in H2 2018 and 5.3% in 2018. The cause is ongoing weak growth in agriculture, food & life (AFL – 16% of 2018 revenues), a demanding base of comparison in mining combined with the beginni...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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