Spie : Satisfactory Q1 figures. COVID-19 will of course have more of an impact in Q2 but our estimates are already cautious
>Satisfactory Q1 results: LFL drop limited to 0.2%, flat operating margin - Spie reported good Q1 results with: 1/ sales up +2.7% to € 1,597.3m i.e. higher than our estimate of € 1,565.7m. On a constant structure and forex basis, sales were down 0.2% which we think is a relatively satisfactory performance given the current situation (ODDO BHF estimate: -0.6%, no consensus available). By region, we would highlight solid organic growth in north-western Europe (+3.6%) pa...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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