FY and Q4 update: In Q4, revenue grew +0.2% organically (cons. +3.1%), volumes were down 3.3% (cons. -0.8%), and revenue per hl stood at +3.9%. The EBITDA margin was down 152bp on an organic basis and -300bp on reported figures (FX headwinds) to 37%. By the most important markets, Brazil remained weak (EBITDA in Q4 was down c.33%), although pricing improved. US volumes were down in line with Q3, however, margins improved. Mexico seems to be solid. China had a weaker quarter on strong comparab
02 Mar 2017
Stock attractiveness falls flat
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Stock attractiveness falls flat
FY and Q4 update: In Q4, revenue grew +0.2% organically (cons. +3.1%), volumes were down 3.3% (cons. -0.8%), and revenue per hl stood at +3.9%. The EBITDA margin was down 152bp on an organic basis and -300bp on reported figures (FX headwinds) to 37%. By the most important markets, Brazil remained weak (EBITDA in Q4 was down c.33%), although pricing improved. US volumes were down in line with Q3, however, margins improved. Mexico seems to be solid. China had a weaker quarter on strong comparab