Although expected to be poor, Q3 revenue was lower than forecast with organic growth of 3.3% vs. 4.6% from cons., negative currency impacts of 7.4% (4.5% from the cons.) and contribution from acquisitions of 1.7% (2% ). For the first 9m, organic revenue growth reached 4.2%, acquisitions contributed 3.1% and currency impacts -4.1%. Largely due to Minerals activities, no improvement is expected in Q4 lfl revenue growth. Regarding the EBIT margin, guidance of 16.7% for the whole year is confirmed at constant currency (between -10 to -20bps). For 2014, management is confident regarding the backlog and expects a gradual return to the historical organic growth level (i.e. 6-8%). BV’s 2015 outlook has been confirmed. After some adjustments to our forecasts, we confirm our positive opinion.
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