Spie : Des performances très satisfaisantes dans le contexte actuel – Le caractère Value reste important au regard de la bonne génération de FCF
Si la crise sanitaire se traduira par une baisse prononcée des résultats S1 (CA -9.4% lfl ; EBITA -53%), le groupe fait preuve d’une bonne résistance en Allemagne (27% du CA), alors que la France (39% du CA) semble montrer des signes de reprise important en mai et juin. Compte tenu de la bonne maitrise du BFR, l’endettement sur l’ensemble de l’année reste contenu (3.6x l’EBITDA vs 2.9x en 2019) après le pic de fin juin à 4.3x en raison de la traditionnelle saisonnalité du groupe....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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