Report
SPCM (SNF) : An environment more favourable to margins in 2019
In 2018, SNF recorded a significant increase in volumes and prices. Despite the rise of commodity costs, EBITDA margin saw a modest contraction (by 35 bp to 14%), thanks to the price hikes introduced these last two years. 2019 results will continue to benefit from sustained volumes in all market segments. The price effect is slated to remain positive at the start of the year. Meanwhile, we believe the decline in commodity prices since the end of 2018 could benefit margins. Althou...
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Oddo BHF
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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