Sto SE & Co. KGaA : Adjusting our estimates, TP lowered to € 125.00 from € 135.50; attractive dividend yield - Buy maintained
>H1 18 figures slightly below expectations - In H1 2018 Sto’s sales increased only slightly, by 1.1% yoy to € 624.5m (H1 2017: € 617.5m) missing our estimate of € 628m. Organic sales growth was diminished by significant negative currency translation effects in the reporting period totalling € -11.9m. EBIT decreased 27.5% yoy to € 23.2m (H1 17: € 32m) and fell short of our estimate (€ 25m). Continuing raw material price increases had a negative impact on gross margins...STO SE & Co. KGaA is a holding company. Co. through its subsidiaries, is engaged in the supply of coatings and insulation for facades, interiors and concrete surfaces. The provision of facade insulations systems and coatings for indoor and outdoor applications. Co. focuses on the aesthetic side of building activities, developing color and material concepts for buildings, ensembles, housing estates, interiors and production plants. Co. is also a supplier of concrete protection and maintenance products, including coating systems for industrial flooring and multi-story parking lots..
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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