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SPCM (SNF) : Towards volume recovery but margin deterioration in 2021
In 2020, SNF's business was impacted by the health crisis (lower volumes and prices). On the other hand, margins clearly benefited from the favourable cost environment and credit indicators improved. In 2021, results should benefit from the recovery in volumes, but margins will be hurt by the historic increase in raw material prices. Margins should return to a level close to the historical average but SNF should be able to report satisfactory credit metrics. - - >Support fa...
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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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