Tieto : Solid Q3 2018 performance. Full-year guidance reiterated
>Organic growth of +5.0% significantly higher than forecast - Yesterday before trading, Tieto published Q3 2018 revenues of € 367m, up +3.4% y-o-y, +60bp higher than our forecast (Oddo BHF: +2.3% y-o-y) but broadly in line with consensus forecasts (consensus: +3.5% y-o-y). Organic growth came to +5.0% y-o-y, +160bp above our forecast (Oddo BHF: +3.4% y-o-y organic, no consensus), showing a slight acceleration relative to Q2 2018 (+4.9% y-o-y organic) despite a more de...Tieto is an IT services company in the Nordics providing full lifecycle IT services. The reportable operating segments in service line dimension are Managed Services, which is an IT infrastructure and cloud provider that provides enterprise platform services and end user solutions; Consulting and System Integration, which provides consulting and system integration services, application management and transformation consulting; Industry Products, which provides industry-specific software products and productized solutions; and Product Development Services, which provides services in the field of communications and embedded technologies for a global customer base.
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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