Spie : Quality H1 and reassuring prospects for H2. The valuation remains very attractive given the opportunities in the medium term
>Business in H2 forecast close to last year’s level and a resilient FCF - Following the publication of interim results that topped expectations (EBITA € 93.3m vs € 73m estimated; net debt € 1.465bn vs € 1.679bn estimated), we have reviewed the start of the second half which has confirmed a relatively resilient trend. 1/ In terms of activity, after a first half marked by a 9% contraction in business l-f-l (Q1 -0.2%; Q2 -17.1%), the group reaffirmed that it had see...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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