STEF : H1 sales below our forecast - Caution on the outlook
>Q2 sales of € 697.5m (vs € 821.8m est.) down 19.2% (-19.4% l-f-l) - Yesterday evening, Stef reported Q2 sales sharply down 19.2% to € 697.5m, lower than our estimate of € 821.8m est. Excluding the contribution of DYAD (€ 1.6m), the organic decline stands at 19.4%. Over the half year, sales fell by 10.5% to € 1,491m (vs -3%e to € 1,615.4m est.). The difference with our forecasts is mainly due to the trading activity (with no margin) which has experienced a sharp decli...STEF-TFE is a provider of transport and logistic services for food products requiring specific temperature control within Europe. Co. divides its operation into four segments: Transport in France (transportation of fresh and frozen products, transportation of seafood and organization of international transport activities); Logistics in France or STEF Logistique (logistics for fresh and frozen products for industrial players, mass retail and the food-service industry); STEF International (international activities in Spain, Portugal, Italy, Benelux, Switerland and U.K.); and Maritime activities (maritime services, passengers and freight, and maritime brokerage).
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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