Coface SA (XPAR:COFA)

€ 14.23 0.07 (0.49%) Market Cap: 2.13 Bil Enterprise Value: 3.27 Bil PE Ratio: 10.78 PB Ratio: 1.00 GF Score: 82/100

Nine Months 2019 Coface SA Earnings Call Transcript

Oct 23, 2019 / 04:00PM GMT

Release Date Price: €9.79 (-1.31%)

Transcript

Operator

Ladies and gentlemen, welcome to the conference call for the presentation of Coface results for the period ended September 30. (Operator Instructions) As a reminder, this conference call is being recorded.

Your host for today's conference call will be Mr. Xavier Durand, CEO; and Ms. Carine Pichon, CFO. I will now turn the call over to Mr. Xavier Durand. Sir, please go ahead.

Xavier Pascal Durand

COFACE SA - CEO & GM

Thank you, and welcome all to our third quarter reports call. As you can see on the presentation that's going to follow, we report another strong quarter in Q3. I'll just go through the key numbers here. Turnover is up 5.6% at constant FX and perimeter. Q3 itself is up 3.8%. That's a bit slower than the prior 2 quarters, but I guess it's on a backdrop of a slowing global economy. We see all regions continuing to contribute to growth, as you'll see in the details in the page to follow. New production is actually improving. Retention remains very high. We're seeing lower client activity growth, and that's very consistent with everything

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