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26 Jul 2019
IMERYS: Disappointing guidance on current net profit in 2019 | NEUTRAL vs. BUY | EUR51 vs. EUR54 (+12%)
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IMERYS: Disappointing guidance on current net profit in 2019 | NEUTRAL vs. BUY | EUR51 vs. EUR54 (+12%)
Imerys SA (NK:PAR) | 0 0 1.4% | Mkt Cap: 6,735m
- Published:
26 Jul 2019 -
Author:
Eric Lemarie -
Pages:
6
IMERYS - NEUTRAL vs. BUY | EUR51 vs. EUR54 (+12%)
Disappointing guidance on current net profit in 2019
Further volume deterioration in Q2, as expected
Operating margin down 120bps in Q2; poor but not surprising.
Current net profit should be down 10% this year – not expected.
Operating margin unsupportive this year. Downgrade to Neutral.