Report
Pierre François Merveille

Spie : Deleveraging in all circumstances

Apart from Q2 2020 when business was strongly affected in countries that implemented very strict lockdown measures (France, Belgium and the UK to a lesser extent), Spie showed resilience in 2020, particularly in H2 with production only -1.4% below its H2 2019 level and EBITA margin down 20bp. The group is gradually returning to a pre-covid business level thanks to the importance of the services provided to its clients (80% of sales correspond to the maintenance of existing equipm...
Underlying
SPIE 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.

Provider
Oddo BHF
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.

Analysts
Pierre François Merveille

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