Solutions 30 SE (PA:ALS30) has delivered impressive growth over the past decade, driven by supportive industry dynamics and replicating its business model across new applications and geographies. We believe that growth dynamics continue to look favourable, and while the shares now price in strong ongoing performance, if execution remains strong we see good scope for upside over the longer term.
Expanding
Solutions 30 SE provides installation, troubleshooting, training and consultancy services for digital equipment across five areas: information technology, telecommunications, energy, digital and security. These services are delivered by over 2,000 service engineers, of which c 1,000 are freelance. The company originated in France, which accounted for 64% of H117 revenues (up 22% y-o-y driven by the continued roll-out of fibre optic and the Linky smart meter installation business). The company is expanding across Europe, replicating the model it has implemented so successfully in France using acquisitions to establish and strengthen its position in these markets. Boosted by the integration of the 2016 acquisitions of ABM, Janssens and Autronic, international revenues increased by 69% to €42.6m in H117, with organic growth also robust at 17%.
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