Sika : Trends in line but improvement in the gross margin
>Q1 sales in line with forecasts (-1% vs the consensus) - Q1 2023 sales were CHF 2,325m (+1.2% l-f-l and -30% in real terms) in line with the consensus (CHF 2,348m) and a shade below our forecast (CHF 2,419m). Growth in local currency was 1% after 1% in Q4 and +6% in Q3 (volumes -8%e and 9.5%e on our estimates). As expected, Europe continued to slow with an organic decline of -3% (vs -4% est.) after +3% in Q4 and +7% in Q3. In the Americas, growth stalled due to deman...
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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