Alan Allman Associates : Results in line, very solid Q1. Successful 1st birthday, but rating lowered
>2021 results in line, profitability trajectory respected (+60bp) - AAA reported yesterday evening 2021 results fully in line with our estimates. On sales (already reported) of € 188.3m (+34%, of which +21%e org.), adjusted operating profit (equivalent to EBITDA) came to € 17.2m (vs ODDO BHF € 17.4m). The margin improved by 60bp to 9.2%, in line with AAA’s target to boost its margin by 50bp per year. This implies an adjusted operating margin of <9% in H2 (dilutive M&A...Verneuil Finance SA Formerly known as Verneuil Participations. Verneuil Finance SA, formerly known as Verneuil Participations SA, is a France-based investment company. The Company acquires shares in companies operating in a number of sectors, including the wood, real estate hotel promotion food processing and the leisure sectors. The Group operates its businesses through Societe Francaise de Casinos and Financier Duc. Through Societe Francaise de Casinos the Company offers a number of services, such as slot machines, games, shows & entertainment and restaurant and private reservation services, among others. The Company reports the leisure sector as its main activity.
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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