Vicat : Exceptional contribution in the US and brisk cash flow generation
>Buy recommendation maintained - We are playing a more positive momentum in mature countries (estimated 66% of 2017 EBITDA) after a disappointing 2017. We would underscore the following points: 1/ France (estimated 28% of 2017 EBITDA): profitability at breakeven in concrete/aggregates end-2017, 2/ Switzerland (estimated 21% of 2017 EBITDA): rise in cement prices after a low point in 2016, 3/ US (estimated 17% of 2017 EBITDA): signing of the Fast Act for California and...Vicat specializes in the production and marketing of cement, ready-mixed concrete and aggregates. Co. is also engaged in other activities which are: transport brokering (transporting materials and merchandise to large work sites) and contract work, production of prefabricated concrete products, fabrication of building products and paper. Co.'s business is divided into four segments: Cement, Ready-Mixed Concrete, Aggregates and Other Products and Services. Co.'s activities are conducted in eleven countries across Europe, North America Asia, Africa and the Middle East such as: France, U.S.A., Italy, Switzerland, Turkey, Egypt, Senegal, Mali, Mauritania, Kazakhstan and India.
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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