The reported figures were good and Bilfinger strives to enhance its business model even more. On top of this, guidance was maintained. Following this earnings release, we expect to keep our recommendation unchanged, albeit with a somewhat lower target price. Indeed, we expect to cut it by some 10%, mainly because of the lower peers valuation following a change in the premium applied from 50% to 20% for the P/E and EV/EBITDA multiples.
12 Sep 2019
H1 19: guidance maintained, Buy rating confirmed but with a lower target price
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H1 19: guidance maintained, Buy rating confirmed but with a lower target price
Bilfinger SE (GBF:WBO) | 0 0 (-0.4%) | Mkt Cap: 1,613m
- Published:
12 Sep 2019 -
Author:
Felix Brunotte -
Pages:
3
The reported figures were good and Bilfinger strives to enhance its business model even more. On top of this, guidance was maintained. Following this earnings release, we expect to keep our recommendation unchanged, albeit with a somewhat lower target price. Indeed, we expect to cut it by some 10%, mainly because of the lower peers valuation following a change in the premium applied from 50% to 20% for the P/E and EV/EBITDA multiples.