STEF : Q2 sales slightly higher than we expected – Target price increased to € 117 vs. € 113
>Q2 sales: € 797.0m (vs. € 782.7m est.) i.e. +8.4% yoy and 6.8% lfl - Yesterday evening, the STEF group reported an 8.4% increase in Q2 sales to € 797.0m, slightly higher than our estimate (+6.5% est. or € 782.7m est.). Organic growth came to +6.8% (vs +4.9% est.) with an additional scope effect of € 11.9m (vs +€ 11.4m est.) stemming from the integration of the Marconi activities in Italy and Badosa in Spain. In the first half, sales were up 8.7% (7.7% lfl) to € 1,557...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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