EBITDA disappointed us but the bottom line was especially good thanks to higher income from associated companies (up from €4m in Q1 18 to €24m in Q1 19). Following this earnings release, we will lower our EBITDA forecast by a low single-digit. This should have a similar impact on the target price and we expect to keep our Buy recommendation unchanged.
10 May 2019
Q1 19: disappointing EBITDA but very satisfactory bottom line
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Q1 19: disappointing EBITDA but very satisfactory bottom line
Acciona SA (ANA:WBO) | 0 0 1.1% | Mkt Cap: 3,872m
- Published:
10 May 2019 -
Author:
Felix Brunotte -
Pages:
3
EBITDA disappointed us but the bottom line was especially good thanks to higher income from associated companies (up from €4m in Q1 18 to €24m in Q1 19). Following this earnings release, we will lower our EBITDA forecast by a low single-digit. This should have a similar impact on the target price and we expect to keep our Buy recommendation unchanged.