Spie : Better than expected H1 results – Healthy outlook for H2 – Leverage finally controlled in 2020. Stock added to our midcap Convictions list
>H1 earnings were higher than expected: sales down 9% lfl (-9.4%e; css: -10.9%) and EBITDA of €93.3m (€73me; css: €88.5m) - For its first half, Spie has reported higher than expected earnings, reflecting: 1/ a decline in sales of 6.8% to € 3,021.6m whereas we were forecasting € 3,010.6m (Css: €2,965m), bearing in mind that on a constant forex and scope basis, the decline would have been 9% (we were forecasting -9.4% and the css: -10.9%). In Q2 alone, the decline in sa...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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