Talgo : Services set for gradual recovery: we have updated our forecasts
>We have lowered our estimates for 2020 and 2021 - We have reworked our forecasts to better reflect the gradual recovery in the services business, while train production is in line with the initial plans: we estimate that the EBITDA margin will return to 16-17% but not until 2022. Our margin forecasts for 2020e and 2021e are now 7.7% and 13.0% respectively vs 9.0% and 14.0% previously. We have reduced our 2020 net income forecast to € 2.3m, from an already very low le...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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