Q4 17 revenues grew 3.9%, in line with consensus estimates; the organic growth for the year was +1.9%. The H2 operating profit before exceptional items was €603m (+10.6%), a 6.0% margin (+40bp). H2 net income came in at €375m (reported +34.9%; before non-recurring items +10.9%). Guidance 2018: - Organic growth at +2-4% (ex. 53rd week impact); external growth at least +2.5%; - Flat underlying operating margin at 6.5%. The medium-term targets are confirmed: - Average annual revenue gr
16 Nov 2017
Exaggerated reaction to the new 2018 guidance
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Exaggerated reaction to the new 2018 guidance
Q4 17 revenues grew 3.9%, in line with consensus estimates; the organic growth for the year was +1.9%. The H2 operating profit before exceptional items was €603m (+10.6%), a 6.0% margin (+40bp). H2 net income came in at €375m (reported +34.9%; before non-recurring items +10.9%). Guidance 2018: - Organic growth at +2-4% (ex. 53rd week impact); external growth at least +2.5%; - Flat underlying operating margin at 6.5%. The medium-term targets are confirmed: - Average annual revenue gr