SGS : H1 2020: greater impact on revenues, resilient margin
>Lower revenues, resilient margin, drop-through misses expectations - SGS reported this morning mixed H1 revenues and earnings. Our estimates were slightly higher than consensus.Revenues came in at CHF 2.65bn, down 20.7% (o/w -10.4% organically). This figure is below our expectations (CHF 2.80bn, -16.2%, o/w -8.7% organically) and consensus (CHF 2.76bn, -17.5%, o/w -9.7% organically). In addition to the organic growth gap, the negative FX effects were slightly b...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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