The good performance from France and the US was mostly offset by the developments in other regions on a lfl basis. After the negative effect of the development of Dangote in Senegal FY15, the difficulties in Egypt (FY15-FY18), Turkey (FY17-FY18), it is the turn of the Indian markets to disappoint. Decidedly, Vicat is out of luck. Following this earnings release, we expect to cut our target price by some 5-10% but to keep our recommendation unchanged.
21 Feb 2019
FY18: tired of being disappointed as Vicat remains the best capital allocator
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FY18: tired of being disappointed as Vicat remains the best capital allocator
Vicat SA (VCT:PAR) | 0 0 1.9% | Mkt Cap: 2,972m
- Published:
21 Feb 2019 -
Author:
Felix Brunotte -
Pages:
4
The good performance from France and the US was mostly offset by the developments in other regions on a lfl basis. After the negative effect of the development of Dangote in Senegal FY15, the difficulties in Egypt (FY15-FY18), Turkey (FY17-FY18), it is the turn of the Indian markets to disappoint. Decidedly, Vicat is out of luck. Following this earnings release, we expect to cut our target price by some 5-10% but to keep our recommendation unchanged.