Buzzi announced its 2019 preliminary results. Total sales were €3.2bn, up by 12.1% (8.6% like for like). The company performed below our expectations in all regions, except for the US where its sales were 7.5% above our expectations. The prime contributor to the higher sales wasn’t volume growth or price increase, but rather the strengthening of the USD. Management confirmed its recurring EBITDA at ~€700m. The minor tweaks to the model will not change our recommendation of SEL
10 Feb 2020
FX swayed growth
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FX swayed growth
Buzzi Spa (BZU:WBO) | 0 0 1.6% | Mkt Cap: 4,003m
- Published:
10 Feb 2020 -
Author:
Sejal Varshney -
Pages:
3
Buzzi announced its 2019 preliminary results. Total sales were €3.2bn, up by 12.1% (8.6% like for like). The company performed below our expectations in all regions, except for the US where its sales were 7.5% above our expectations. The prime contributor to the higher sales wasn’t volume growth or price increase, but rather the strengthening of the USD. Management confirmed its recurring EBITDA at ~€700m. The minor tweaks to the model will not change our recommendation of SEL