Talgo : We revise up our estimates and remain positive
>Margin recovery and return of services - In Q3 Talgo benefited from increased train production, tight cost management and the further improvement in services, which boosted margins (14.4% in Q3, vs 11.7% in Q2, 9.1% in Q1 and 7.8% in Q4). Maintenance is now underpinned by 80-85% of Talgo trains running (vs >75% in Q2 and 50-60% at the beginning of the year); this improvement is, in our view, key for margin recovery. Note that at the end of Q3, 75% of the group's tra...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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