Spie : Un excellent véhicule pour participer à la concentration du secteur
La croissance organique (>3%) bénéficie de la transition énergétique et des plans de relance en Europe. L’amélioration graduelle de la profitabilité (+10 pb en 2022) et la forte génération de FCF (277.2 M€ en 2022) couplée à un ratio de levier relativement faible (DN/EBITDA 1.9x fin 2022) constituent un socle robuste pour poursuivre la politique de croissance externe. Le secteur est très fragmenté et offre de nombreuses opportunités d’acquisitions relutives. Proie ou cible, Spie ...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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