SQS H1 results were in line with the July update. Revenues were down c.4% in Euro terms, but margins improved, and profitability was slightly ahead of last year - adjusted EBIT margins of 7.5% compared to the prior year’s 6.9%. We trim our full-year revenue estimate by 2.6%, but maintain PBT estimates. We continue to welcome the new medium-term EBIT margin target of 9%, c.150 bps above current levels. We reiterate our Buy and 650p Target Price.
13 Sep 2017
H1 demonstrates continuation of trends
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H1 demonstrates continuation of trends
Leverage Shares -1x Short Square ETP (SQS:LON) | 399 -23.6 (-1.5%) | Mkt Cap: 0.17m
- Published:
13 Sep 2017 -
Author:
Gareth Evans -
Pages:
2
SQS H1 results were in line with the July update. Revenues were down c.4% in Euro terms, but margins improved, and profitability was slightly ahead of last year - adjusted EBIT margins of 7.5% compared to the prior year’s 6.9%. We trim our full-year revenue estimate by 2.6%, but maintain PBT estimates. We continue to welcome the new medium-term EBIT margin target of 9%, c.150 bps above current levels. We reiterate our Buy and 650p Target Price.