SPIE : Business normalising with profitability and FCF generation still excellent
>Conference call feedback - In a conference call, management provided an update on business trends in Q3 and on the growth outlook for the full year. Key takeaways: After organic growth of +5.8% in H1, Q3 saw a rate of +1.7%, which is fairly disappointing (we forecast +3.6% and consensus +3.9%). By geography, the biggest gap relates to central Europe (7% of consolidated sales), with business down 10.7% l-f-l. The group cited difficult comparatives in Switzerland ...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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