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EBITDA guidance lowered amid FX and cyclical weakness

  • 06 Nov 15

Reasonable Q3 15 figures but the FY15 EBITDA guidance is slightly lowered. Prysmian posted 9M15 sales of €5,663m, corresponding to +6.9% organic growth with an adj. EBITDA of €473m (€488m ex WL) corresponding to an 8.5% margin. Prysmian reported strong growth in Energy projects (+19.6% yoy organically ex. WL for 9M15) and the award of the first submarine project in China. There was also a solid trend in Telecoms (+10.3% yoy for the 9M15) while the industrial segment stabilised. For Q3 15 alone, organic growth was +6.6% with €1,926m of revenue, while EBITDA was 8.2%. Energy projects grew 23.9% in Q3 15, accelerating again (+17.4% in H1 15), while Telecoms growth declined to 5.1% yoy (vs 13.1% in H1 15), E&I was also weaker in Q3 15 at +1.6% yoy (vs +5.3% in H1 15) but Industrial & Network components was up 1.4% yoy in Q3 15 a sequential improvement (-2.0% yoy in H1 15). The net financial position improved significantly to €955m (from €1,292m in Q3 14), reflecting a sharp reduction in working capital. FY 2015 guidance now targets "above mid-point" of the adjusted EBITDA range of €590–640m (€616–666m excluding WL) while the prior guidance was pointing at the top of the range (consensus €633m). The slightly lowered guidance is due to the softening of telecom and cyclical businesses in some countries, while Q4 is expected to be negatively impacted by the recent weakening of several currencies (mainly BRL, TRY, NOK, AUD).