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SPIE SA

SPIE provides electrical, mechanical and HVAC (heating, ventilation and air conditioning) engineering services, as well as specialized energy and communication systems services. The company estimates that it is the third largest player in multi-technical services in France (based on FY16 revenues) and one of the major players in Germany, the United Kingdom, the Netherlands and Belgium. Pro-forma for the SAG acquisition, the company generates ~37% of revenues from France, 33% from Germany & Central Europe, and 21% from North-Western Europe, with the remaining 9% coming the oil & gas (mainly in the Middle East, Africa and Asia) and nuclear (France) segments. SPIE is listed on Euronext since June 2015. An IPO was a partial exit for a consortium between Clayton, Dubilier & Rice, investment fund Ardian and Caisse de Depot et Placement du Quebec, which bought the company for about €2.1 bn in 2011. These investors have been recently reducing their holdings further, and after May-17 placement share of free float increased to 69.7%. (24 Apr 2018)

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Focused

SPIE 9M18: Oil & Gas and Nuclear Return to Growth

Earnings Note: 11 Nov 2018, 10:21 PM ET - SPIE presented an encouraging trading update for 9M18, with continuation of organic growth in revenues. The Oil & Gas and Nuclear segment, which has been weak for a while, returned to growth in the third quarter.
Focused

SPIE 1H18: Better Organic Growth, Worse Cash Flow

Earnings Note: 29 Jul 2018, 7:28 PM ET - SPIE's organic growth in revenues improved in 1H18, with growth in all segments apart from the Oil & gas and nuclear. Large seasonal working capital outflow resulted in an increase in net leverage.

Euro HY Conference 2018: Relative Value Panel

Transcript: 27 Jun 2018, 9:21 PM ET - What is the biggest threat to European HY credit: Italy, Brexit, EM, commodities, tech or Donald Trump? 
Focused

SPIE 1Q18: Organic Growth in France and Germany

Earnings Note: 27 Apr 2018, 12:04 PM ET - SPIE’s double-digit reported growth in 1Q18 was largely attributable to acquisitions, however, revenues were also up on an organic basis, due to pick up in France and Germany.
Focused

SPIE FY17: Pressure on Margins, but Stay M/P

Earnings Note: 13 Mar 2018, 9:58 PM ET - We outline our key takeaways from SPIE's full-year results. While its headline figures were boosted by acquisitions, profitability declined and net leverage stepped up. 

Euro HY Consumer Outlook 2018

Sector Outlook: 16 Jan 2018, 9:00 PM ET - We take a look at the key themes in play in evaluating prospects in the Euro HY Consumer space and aim to provide a fundamental framework to analyse available investment options within our coverage universe.
Focused

SPIE Investor Day: Focus on Germany

HY Note: 18 Dec 2017, 9:03 AM ET - This article discusses our key take-aways from SPIE's Investor Day held in the beginning of December in Hamburg.
Focused

2017 Euro Conference: Support Services

Transcript: 12 Dec 2017, 4:03 PM ET - At CreditSights' 2017 European conference, we presented our thoughts on key macro drivers and trends in the European High Yield Support Services sector and discussed our RV recommendations. 
Focused

SPIE: 9M17 Trading Update

Worth Watching: 10 Nov 2017, 7:47 AM ET - SPIE (Ba3/BB) reported a 21.4% YoY jump in revenues in nine months 2017 to €4.3 bn based on management accounts (+22.3% at constant FX). The growth is mostly attributable to the addition of SAG, the company's largest acquisition to date complet ..

European Consumer: 2017 YTD New IG Issuance

Sector Outlook: 28 Sep 2017, 11:41 PM ET - New issuance in IG European food & bev/HPC, a consolidating sector, is down year to date on 2016 whereas new issuance in IG European retail, a sector attempting deleverage, is up.   

Atalian: 1H17 Growth Driven by Acquisitions

Earnings Note: 21 Sep 2017, 12:18 PM ET - The company's top-line result continues to be affected by a loss of a large contract in the US on one side and boosted by M&A on the other.
Focused

SPIE 1H17: Mixed, but Stay M/P

Earnings Note: 07 Aug 2017, 8:37 PM ET - The double-digit growth in revenues was driven entirely by acquisitions, while on an organic basis SPIE's revenues edged down. The company continuous with its active M&A strategy.

Euro HY Conference 2017: Travel Services Transcript

Transcript: 20 Jun 2017, 7:47 PM ET - In this article, we transcribe our Travel Services presentation for CreditSights' Euro High Yield Conference, in which we laid out our views on the European Travel Services space and took a closer look at Travelex.
Focused

Euro HY Conference 2017: Services Transcript

Transcript: 14 Jun 2017, 8:25 PM ET - In this article, we transcribe our presentation to CreditSights' European High Yield Conference, in which we presented our thoughts on how to analyse the European High Yield Support Services sector and discussed our views on single names.

May 2017 Europe Company Recommendation Changes

Euro Recommendation Changes: 31 May 2017, 10:21 PM ET - Our monthly report provides executive summaries for the twenty-eight companies recommendation changes made on European companies during the month of May.
Focused

SPIE: 1Q17 Trading Update

Earnings Note: 01 May 2017, 7:59 PM ET - This is the first trading update since SPIE's issuance of a new €600 mn bond. Results were broadly in line with expectations. 

March 2017 Company Coverage Initiated

Company Coverage Initiated: 02 Apr 2017, 4:24 PM ET - Our monthly report provides executive summaries for the ten company on which we launched coverage in the US, Europe, and Asia during the month of March.
Focused

SPIE: With my Little Eye, a Solid Buy

Company Spotlight: 14 Mar 2017, 11:31 PM ET - SPIE (Ba3/BB), a French support services company, is in the market with a €600 mn seven-year senior unsecured bond to finance an acquisition of SAG, a German energy infrastructure services company. 

Stonegate FY16: More Bolt-Ons

HY Note: 24 Jan 2017, 5:38 AM ET - We review STGATE FY16 results through the prism of the most recent bolt-ons.

CreditSights 12th Annual European Conference

Announcement: 29 Nov 2016, 8:54 PM ET - Download our Conference Mobile App for our upcoming event on Friday 9th December 2016.

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