A poor Q4, which strongly missed expectations on EBITDA (-5.5% vs. -1.9% expected). While FY20 guidance (2-5% EBITDA growth) appears soft, we believe that it is actually more reasonable following the H2 FY19 troubles which are likely to be exacerbated by the Coronavirus in the first half. Now trading at a discount to peers, we are just waiting for some visible improvements.

27 Feb 2020
Weak Q4, soft but realistic FY20 EBITDA guidance

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Weak Q4, soft but realistic FY20 EBITDA guidance
A poor Q4, which strongly missed expectations on EBITDA (-5.5% vs. -1.9% expected). While FY20 guidance (2-5% EBITDA growth) appears soft, we believe that it is actually more reasonable following the H2 FY19 troubles which are likely to be exacerbated by the Coronavirus in the first half. Now trading at a discount to peers, we are just waiting for some visible improvements.