Talgo : Double-digit margins coming soon. We remain positive
>Good growth and maintenance recovery in sight - Talgo benefited from increased train production (and tighter cost management) to see a sequential improvement in its margins (9.1% in Q1 vs 7.8% in Q4 and 6.5% in Q3), while maintenance remained at a low ebb. Saudi Arabia is now back with its high-speed trains re-entering service early April; in Spain and in Kazakhstan Talgo's fleet is only running at 50%, but the new CEO Gonzalo Urquijo indicated that a return to 100%...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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