How can a guidance upgrade exclude higher raw material prices in a time of price inflation. Then, only some days later, price inflation was used partly to explain the held-back profitability development. This does not bode too well in our view.
The H1 report showed the expected business recovery in some parts of the company and a vibrant improvement in profitability, but not in all divisions.
13 Aug 2021
The mysticism of raw material prices
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The mysticism of raw material prices
How can a guidance upgrade exclude higher raw material prices in a time of price inflation. Then, only some days later, price inflation was used partly to explain the held-back profitability development. This does not bode too well in our view.
The H1 report showed the expected business recovery in some parts of the company and a vibrant improvement in profitability, but not in all divisions.