Market conditions have significantly deteriorated, since H1 19, causing sales volumes to drop further than anticipated during Q3 19 and which was only partly offset by price-mix and the ramp up of cost savings measures. Following this earnings release, we expect to cut our target price by some 10-20% but to keep our Buy recommendation unchanged, albeit with a significantly lower target price.
29 Oct 2019
Q3 19: recession at the corner of industrial streets? Go for asset rotation
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Q3 19: recession at the corner of industrial streets? Go for asset rotation
Imerys SA (NK:PAR) | 0 0 1.4% | Mkt Cap: 6,735m
- Published:
29 Oct 2019 -
Author:
Felix Brunotte -
Pages:
3
Market conditions have significantly deteriorated, since H1 19, causing sales volumes to drop further than anticipated during Q3 19 and which was only partly offset by price-mix and the ramp up of cost savings measures. Following this earnings release, we expect to cut our target price by some 10-20% but to keep our Buy recommendation unchanged, albeit with a significantly lower target price.