Spie : SPIE rassure sur la génération de cash, mais la valorisation des obligations devient exigeante
Le levier net de SPIE a atteint un pic à 3.5x à fin 2017, affecté par la contraction de la marge d’EBITA, l’acquisition de SAG et les coûts de restructuration/intégration. Nous sommes rassurés quant à la trajectoire de de-leveraging suite aux résultats sur 9M 2018 (début d’amélioration des marges) et à plusieurs bonnes nouvelles concernant la génération de FCF (amélioration du BFR au S2 2018, cession d’une partie de SAG Gas&Offshore qui brûlait du cash). Cette trajectoire devrait...Spie is a provider of electrical engineering and IT services and an infrastructure and building contractor. Co. helps to design, finance, manage and implement an array of projects ranging from high-speed TGV and conventional rail lines to metros and light rail systems. In addition, Co. offers telecom and information network services. Through the Commercial Segment, Co. is engaged in construction and renovation projects. Co. also offers wired building services as well as multi-disciplinary industrial maintenance and facilities management solutions.
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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