Talgo : Adjustments after Q1: upside remains substantial
>A relatively solid Q1 - With sales of € 113m (up 29%), adjusted EBITDA of € 14.8m (margin of 13.1%, down 480bp) and net profit of € 5.3m (down 29%), Q1 was decent in the current context. The consensus expectation was for € 107m, € 14.1m (13.1% margin) and € 5.6m resp. ‘Services’ sales were down sharply, more than offset by manufacturing. Margins declined in both core businesses during the quarter. Management underscored the group’s strengths - Dur...Talgo is engaged in designing, manufacturing, repairing and maintaining the railway rolling stock, as well as the manufacturing, assembling, repairing and maintaining the engines, machinery and parts of the railway systems. Co. has an industrial presence in seven countries: Spain, Germany, Kazakhstan, Uzbekistan, Russia, Saudi Arabia and U.S.A. Co. has an active fleet in Europe, Asia and North America that comprises of 94 high-speed trains and more than 1,400 Talgo tilting passenger cars. Also, Co. purchases, redesigns, constructs, leases and sells all types of real estate.
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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