Spie is a provider of electrical engineering and IT services and an infrastructure and building contractor. Co. helps to design, finance, manage and implement an array of projects ranging from high-speed TGV and conventional rail lines to metros and light rail systems. In addition, Co. offers telecom and information network services. Through the Commercial Segment, Co. is engaged in construction and renovation projects. Co. also offers wired building services as well as multi-disciplinary industrial maintenance and facilities management solutions.
  • TickerA14UTB
  • ISINFR0012757854
  • ExchangeEuronext Paris
  • SectorSupport Services
  • CountryFrance

Analysts

Alfred Glaser ...
  • Christophe Chaput
  • Delphine Brault
  • Fatma Agnès Hamdani
  • Jeremy Garnier
  • Nicolas Thorez
  • Olivier Lebrun

ODDO BHF Small & MIDCAP MORNING NEWS - 09/13/2019

Having long been under pressure from a rigid cost structure and the structural decline in its original printed directory business, Solocal has steadily refocused on the digital segment, which is set to account for 100% of sales by 2020 (vs around 90% currently). Its positioning in the local market and its new commercial organisation allow the group to target more solid growth in the medium term. We are initiating coverage with a Buy recommendation, given a particularly attractive valu...

Christophe Chaput

Spie : Feedback from road show with management: confidence over H2, target price raised to € 22 from € 20.5

>Feedback from roadshow in London - At a road show in the UK, management reviewed its interim results and the latest business trends. We note the following: H1 revenue growth was robust (+3.1% LFL) with a strong performance in France (39% of revenue; +4.8% LFL), Germany and Central Europe (32% of revenue; +1.9% LFL) and Oil & Gas and Nuclear (8% of revenue; +11.9% LFL, of which +15% for O&G). In North Western Europe, the group delivered a further disappointing pe...

Alfred Glaser ...
  • Christophe Chaput
  • Delphine Brault
  • Fatma Agnès Hamdani
  • Jeremy Garnier
  • Nicolas Thorez
  • Olivier Lebrun

ODDO BHF Small & MIDCAP MORNING NEWS - 13/09/2019

Longtemps pénalisé par une structure de coûts rigide et la baisse structurelle de son activité historique dans l’édition d’annuaires imprimés, Solocal a progressivement recentré son activité sur le numérique, qui devrait représenter 100% du CA à horizon 2020 (vs ~90% aujourd’hui). Son positionnement sur le marché local et sa nouvelle organisation commerciale lui permettent de viser des perspectives de croissance plus solides à moyen terme. Nous initions la valeur à l’Achat, au regard ...

Christophe Chaput

Spie : Feedback roadshow management : un discours confiant sur le S2. OC relevé à 22 € vs 20.5 €

>Feedback roadshow Londres - A l’occasion d’un roadshow au Royaume-Uni, le management est revenu sur ses résultats semestriels et les dernières tendances d’activité. Nous retiendrons que : La progression du chiffre d’affaires sur le S1 a été robuste (+3.1% lfl) avec de bonnes performances en France (39% du CA ; +4.8% lfl), en Allemagne et Europe centrale (32% du CA ; +1.9% lfl) et pour Oil & Gas et Nucléaire (8% du CA ; +11.9% lfl dont +15% sur O&G). Par différen...

SPIE SA sees a downgrade to Slightly Negative on account of less fundamental stars

The independent financial analyst theScreener just lowered the general evaluation of SPIE SA (FR), active in the Heavy Construction industry. As regards its fundamental valuation, the title now shows 2 out of 4 stars while market behaviour can be considered risky. theScreener believes that the title remains under pressure due to the loss of a star(s) and downgrades its general evaluation to Slightly Negative. As of the analysis date August 27, 2019, the closing price was EUR 16.11 and its target price was estimated at EUR 13.62.

Remi Ramadou

SPIE 1Q17 - M&A provides a good start to the year despite dissapointing O&G

Spie, the French multi-technical service provider, held a conference call to present a decent 1Q16 trading update. Reported sales were up 3.3% yoy to €1.2bn and EBITA increased €1.5m to €59.2m, representing a broadly stable margin of 4.8%.;;;

Spie : Focus Emission

Spie, which fully redeemed its bonds in January 2015 ahead of its IPO, returns to the bond market with a EUR 600m issue to fund the acquisition of SAG, transaction costs and for general corporate purposes. The new notes will rank pari passu with the senior credit facilities and have the same guarantors (main material subsidiaries, Financière Spie and Spie Operations), which must represent at least 65% of group’s EBITDA under the facility agreement.We anticipate a slight de-leveraging in coming quarters as we expect Spie to be focused on the integration of SAG (its largest acquisition to date)....

Spie : Focus Emission

Spie, which fully redeemed its bonds in January 2015 ahead of its IPO, returns to the bond market with a EUR 600m issue to fund the acquisition of SAG, transaction costs and for general corporate purposes. The new notes will rank pari passu with the senior credit facilities and have the same guarantors (main material subsidiaries, Financière Spie and Spie Operations), which must represent at least 65% of group’s EBITDA under the facility agreement.We anticipate a slight de-leveraging in coming quarters as we expect Spie to be focused on the integration of SAG (its largest acquisition to date)....

Christophe Chaput

Spie : Feedback from road show with management: confidence over H2, target price raised to € 22 from € 20.5

>Feedback from roadshow in London - At a road show in the UK, management reviewed its interim results and the latest business trends. We note the following: H1 revenue growth was robust (+3.1% LFL) with a strong performance in France (39% of revenue; +4.8% LFL), Germany and Central Europe (32% of revenue; +1.9% LFL) and Oil & Gas and Nuclear (8% of revenue; +11.9% LFL, of which +15% for O&G). In North Western Europe, the group delivered a further disappointing pe...

Christophe Chaput

Spie : Feedback roadshow management : un discours confiant sur le S2. OC relevé à 22 € vs 20.5 €

>Feedback roadshow Londres - A l’occasion d’un roadshow au Royaume-Uni, le management est revenu sur ses résultats semestriels et les dernières tendances d’activité. Nous retiendrons que : La progression du chiffre d’affaires sur le S1 a été robuste (+3.1% lfl) avec de bonnes performances en France (39% du CA ; +4.8% lfl), en Allemagne et Europe centrale (32% du CA ; +1.9% lfl) et pour Oil & Gas et Nucléaire (8% du CA ; +11.9% lfl dont +15% sur O&G). Par différen...

Christophe-Raphaël Ganet

Guerbet : The “Untouchables”

In a persistently restrictive environment for midcaps, we are updating our stock selection. We select those for which cash flow seems to us to be fairly secure, free of geopolitical or interest rate sensitivity, while hoping for momentum effects (triggers), and with multiples as reasonable as possible. Thus, we maintain Albioma, Devoteam and Wordline in our list to which we have also added Guerbet, Ipsen, SMCP and Spie. - >Persistently unfavourable context? - The macro...

Christophe-Raphaël Ganet

Guerbet : Les « Affranchies »

Dans un environnement qui nous parait devoir être encore contraignant pour les Midcaps, nous mettons à jour notre sélection de valeurs. Nous retenons celles dont le cash-flow nous paraît assez sécurisé, affranchies de sensibilité géopolitique ou taux, tout en espérant des effets de momentum (triggers), et avec des multiples aussi raisonnables que possible. Ainsi restent dans la liste Albioma, Devoteam et Wordline alors qu’entrent Guerbet, Ipsen, SMCP et Spie. - >Contexte t...

Christophe Chaput

Spie : Investor day: demonstration of the group’s excellent discipline

>Investor day in Paris – a number of strengths to fuel growth - At an investor day in Paris yesterday, the Spie group discussed its growth strategy and business model, underlining again the importance it attaches to excellent financial discipline. For our part, the key takeaways are: The addressable market for Spie is particularly vast (€ 220bn in Europe) and particularly fragmented since, based on a market share of 3% (number 3 in Europe), the group already has ...

A director bought 21,378 shares at 22.040EUR and

A director at Spie bought 21,378 shares at 22.040EUR and the significance rating of the trade was 98/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board m...

Alfred Glaser ...
  • Christophe Chaput
  • Delphine Brault
  • Fatma Agnès Hamdani
  • Jeremy Garnier
  • Nicolas Thorez
  • Olivier Lebrun

ODDO BHF Small & MIDCAP MORNING NEWS - 09/13/2019

Having long been under pressure from a rigid cost structure and the structural decline in its original printed directory business, Solocal has steadily refocused on the digital segment, which is set to account for 100% of sales by 2020 (vs around 90% currently). Its positioning in the local market and its new commercial organisation allow the group to target more solid growth in the medium term. We are initiating coverage with a Buy recommendation, given a particularly attractive valu...

Alfred Glaser ...
  • Christophe Chaput
  • Delphine Brault
  • Fatma Agnès Hamdani
  • Jeremy Garnier
  • Nicolas Thorez
  • Olivier Lebrun

ODDO BHF Small & MIDCAP MORNING NEWS - 13/09/2019

Longtemps pénalisé par une structure de coûts rigide et la baisse structurelle de son activité historique dans l’édition d’annuaires imprimés, Solocal a progressivement recentré son activité sur le numérique, qui devrait représenter 100% du CA à horizon 2020 (vs ~90% aujourd’hui). Son positionnement sur le marché local et sa nouvelle organisation commerciale lui permettent de viser des perspectives de croissance plus solides à moyen terme. Nous initions la valeur à l’Achat, au regard ...

Alain William ...
  • Baptiste Lebacq
  • Christophe Chaput
  • Fehmi Ben Naamane
  • Martial Descoutures
  • Matthias Desmarais
  • Pierre Corby

ODDO BHF Small & MIDCAP MORNING NEWS - 05/16/2019

...

Alain William ...
  • Baptiste Lebacq
  • Christophe Chaput
  • Fehmi Ben Naamane
  • Martial Descoutures
  • Matthias Desmarais
  • Pierre Corby

ODDO BHF Small & MIDCAP MORNING NEWS - 16/05/2019

...

Alfred Glaser ...
  • Anis Zgaya
  • Christophe Chaput
  • Delphine Brault
  • Jeremy Garnier
  • Jerôme Bodin
  • Khaled Ben Amor
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 04/30/2019

...

SPIE SA sees a downgrade to Slightly Negative on account of less fundamental stars

The independent financial analyst theScreener just lowered the general evaluation of SPIE SA (FR), active in the Heavy Construction industry. As regards its fundamental valuation, the title now shows 2 out of 4 stars while market behaviour can be considered risky. theScreener believes that the title remains under pressure due to the loss of a star(s) and downgrades its general evaluation to Slightly Negative. As of the analysis date August 27, 2019, the closing price was EUR 16.11 and its target price was estimated at EUR 13.62.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Pierre François Merveille

Spie : SPIE reassures on its cash generation, but the bond valuation is now demanding

Publication date 01/02/2019 07:53 - Writing date 01/02/2019 07:53 - Equity data - Reco : Buy - Target : 20.50 EUR - Equity analyst: Christophe Chaput - - +33 (0)4 72 68 27 03 - ESG analyst: XXX - Corporate Governance: Opportunity (2) - / - / - - - - - Net leverage at SPIE peaked at 3.5x at the end of 2017, forced up by a contraction in EBITA margin, the SAG acquisition and restructuring/integration costs. We are reassured about the group's deleveraging trajectory...

Pierre François Merveille

Spie : SPIE rassure sur la génération de cash, mais la valorisation des obligations devient exigeante

Le levier net de SPIE a atteint un pic à 3.5x à fin 2017, affecté par la contraction de la marge d’EBITA, l’acquisition de SAG et les coûts de restructuration/intégration. Nous sommes rassurés quant à la trajectoire de de-leveraging suite aux résultats sur 9M 2018 (début d’amélioration des marges) et à plusieurs bonnes nouvelles concernant la génération de FCF (amélioration du BFR au S2 2018, cession d’une partie de SAG Gas&Offshore qui brûlait du cash). Cette trajectoire devrait...

Jehanne Leroy

Spie - Assemblée générale des actionnaires du 24 mai 2019

RémunérationsBien que la rémunération de M. Louette ne comprenne pas de part long-terme attribuée au titre de 2018, ce qui ne respecte pas nos préconisations, nous notons qu’il détient toutefois un nombre d’actions significatif équivalant à 28,2 M€. Ainsi, cette absence de part long-terme ne pose pas de problème dans le cas présent.Par ailleurs, la communication de la société permet une très bonne compréhension des montants attribués et la rémunération 2018 de M. Louette présente des montants acceptables. Nous soutenons donc la résolution 7. Concernant la politique de rémunération 2019, la so...

Jehanne Leroy

Proxy Report - 25/05/2018

Cette année, la société propose le renouvellement du mandat du Gautier Louette, Président Directeur Général. Malgré les qualités du dirigeant, ainsi que la performance boursière du groupe depuis son introduction en bourse en 2015, en termes de gouvernance, Proxinvest relève que la société n'a pas supprimé le droit de vote double (alors même qu'actuellement seulement 1,9% des actions en circulation en bénéficient), le conseil ne comprend pas une majorité de membres indépendants et si l'administrateur référent est en effet indépendant, il ne semble toutefois pas disposer statutairement du pouvoi...

Jehanne Leroy

Etude de l'AG du 16/05/2017

The company now properly discloses information related to its Chairman and CEO Gauthier Louette. This allows shareholders to clearly evaluate whether amounts granted are aligned with the group’(s performance.We note that a LTI plan was implemented in 2016. Its performance criteria are quite challenging and they do not allow vesting in case of underperformance.Considering these improvements, Proxinvest supports items 5 and 6.However, post-employments benefits remain excessive. Hence, we recommend shareholders oppose item 4 related to related-party agreements.

Jehanne Leroy

Etude de l'AG du 16/05/2017

La société communique désormais plutôt bien les informations relatives à la rémunération de son premier dirigeant, Gauthier Louette. Cette transparence permet aux actionnaires de mieux comprendre les liens entre performances de la société et montants attribués.On notera par ailleurs que la société a mis en place une rémunération long-terme cette année dont les conditions de performance ne permettent pas d'acquisition ne cas de sous-performance, ce qui est tout à fait appréciable.Au regard des améliorations mises en place, Proxinvest recommande l'approbation aux résolutions 5 et 6. Cependant, l...

Dave Nicoski ...
  • Ross LaDuke

Int'l Insights: Developed Markets Leadership Chart Book

Europe in focus The U.S. dollar continues to grind marginally higher, and EM equities have suffered as a result. Meanwhile, RS for the MSCI EAFE index is bottoming when compared to the MSCI EM index, largely due to outperformance in Europe. With developed int'l markets beginning to outperform emerging markets, we recommend adding exposure to the developed int'l space. Below we highlight attractive and actionable themes within developed int'l: • Europe & Japan: Though this is an all-encompassing bottoms-up chart book for developed ex-U.S., make no mistake, the vast majority of today's buy rec...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Opportunities in Europe, Japan As markets pull back amid the tariff saga we continue to believe this is an attractive time to add exposure. This view is supported by the technicals with all major global indexes (MSCI ACWI, ACWI ex-U.S., EAFE, and EM) pulling back to their respective 200-day moving averages... see charts below. • Actionable Sectors: Services and Consumer Staples in Europe and Japan. We often view the Services Sector as a defensive way to invest in Technology. We also highlight several Consumer Staples stocks within Europe (the STOXX 600 Food & Beverage index remains leadersh...

Matthieu DRIOL

Analyse court terme - SPIE SA : Les prix baissent.

La tendance de fond est clairement orientée à la baisse. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 13,15 €. La tendance de fond serait remise en cause en cas de franchissement de 18,33 €.

Matthieu DRIOL

Short term view - SPIE SA : Falling prices.

The background trend is clearly bearish. Prices are falling again, but the movement has become hesitant. The next support is at €13.15. The background trend would be questioned should prices rise above €18.33.

Matthieu DRIOL

Analyse court terme - SPIE SA : La tendance de fond est clairement orientée à la baisse.

La tendance de fond est clairement orientée à la baisse. Le mouvement se poursuit. Le prochain objectif est à 13,15 €, puis 11,00 €. Le franchissement de 18,33 € remettrait en cause la suite de la baisse.

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