A strong Brazil (positive seasonality and high demand) and normalising prices in Europe explain the performance, as well as safeguard measures
Shipments remained at a high level in Q2 21
Operating CF was a positive €115m despite a €118m working capital build-up, with FCF at €87m
The new share buy-back is not really a surprise despite the ongoing acquisition of ELG in Germany
We will revise numbers and valuation upwards
30 Jul 2021
Results were excellent and substantially above consensus expectations
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Results were excellent and substantially above consensus expectations
A strong Brazil (positive seasonality and high demand) and normalising prices in Europe explain the performance, as well as safeguard measures
Shipments remained at a high level in Q2 21
Operating CF was a positive €115m despite a €118m working capital build-up, with FCF at €87m
The new share buy-back is not really a surprise despite the ongoing acquisition of ELG in Germany
We will revise numbers and valuation upwards