While Vicat managed to beat the consensus with its FY19 results, it disappointed us in terms of sales, efficiency and remunerations. The lfl growth in the emerging markets, especially India, was mainly because of price increase and, unlike its peers, it hasn’t made significant improvements in costs or efficiencies in 2019. The company keeps its dividend constant at €1.5 per share. It has a conservative outlook for 2020. We will reduce our target price following these results.
20 Feb 2020
FY19: No improvement in sales or efficiency
Sign up to access
Get access to our full offering from over 30 providers
Get access to our full offering from over 30 providers
FY19: No improvement in sales or efficiency
Vicat SA (VCT:PAR) | 0 0 1.9% | Mkt Cap: 2,972m
- Published:
20 Feb 2020 -
Author:
Sejal Varshney -
Pages:
3
While Vicat managed to beat the consensus with its FY19 results, it disappointed us in terms of sales, efficiency and remunerations. The lfl growth in the emerging markets, especially India, was mainly because of price increase and, unlike its peers, it hasn’t made significant improvements in costs or efficiencies in 2019. The company keeps its dividend constant at €1.5 per share. It has a conservative outlook for 2020. We will reduce our target price following these results.