The group top line was down by 4.9%, to €37.7bn and EBITDA was down by 2.0% to €8.2bn. Both metrics are above our expectations. However, net income was down by 128% to -€701m – below our expectations. The COVID-19 impact is estimated to be €1bn at the EBITDA level. The group is targeting an FY20 EBITDA of €15.2-15.7bn – but based on constant FX. Considering the unfavourable risk/return ratio on the stock, we maintain our negative recommendation.
Sign up to access
Get access to our full offering from over 30 providers
Get access to our full offering from over 30 providers
H1 20 – Positive surprise
- Published:
30 Jul 2020 -
Author:
Auguste DERYCKX LIENART -
Pages:
3
The group top line was down by 4.9%, to €37.7bn and EBITDA was down by 2.0% to €8.2bn. Both metrics are above our expectations. However, net income was down by 128% to -€701m – below our expectations. The COVID-19 impact is estimated to be €1bn at the EBITDA level. The group is targeting an FY20 EBITDA of €15.2-15.7bn – but based on constant FX. Considering the unfavourable risk/return ratio on the stock, we maintain our negative recommendation.