Overall, the results were in line with our expectations. Cementir has decided to invest in itself rather than going for a transformative acquisition. Following this earnings release, we expect to make little change to our EBITDA and capex forecast for FY19. We keep our Buy recommendation unchanged. We will review our long-term assumptions a second time but we believe that the industrial plan offers some upside to our valuation, in our opinion.
15 Nov 2019
9m 19: Cementir decides to invest in itself
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9m 19: Cementir decides to invest in itself
Cementir Holding N.V. (0HY2:LON) | 0 0 0.0% | Mkt Cap: 783.7m
- Published:
15 Nov 2019 -
Author:
Felix Brunotte -
Pages:
4
Overall, the results were in line with our expectations. Cementir has decided to invest in itself rather than going for a transformative acquisition. Following this earnings release, we expect to make little change to our EBITDA and capex forecast for FY19. We keep our Buy recommendation unchanged. We will review our long-term assumptions a second time but we believe that the industrial plan offers some upside to our valuation, in our opinion.