Spie : Highly satisfactory performance against a troubled backdrop, still very much a value stock amid strong FCF generation
The health crisis is set to cause earnings to plummet in H1, with revenues expected to drop 9.4% LFL and EBITA to plunge 53%, but the group is holding up well in Germany (27% of revenues) and appears to be showing signs of a sharp pick-up in France (39%) in May and June. On the back of firm control over WCR, debt is kept on a tight rein over the full year (3.6x EBITDA vs. 2.9x in 2019), after hitting a 4.3x peak at end-June due to the traditional seasonal effect. FCF should indee...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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