Organic Q1 revenue growth was in line with expectations at 3.2% yoy, while EBITDA was up by only 2.1% yoy and lfl due to a significant increase in the cost of energy and the higher growth in lower margin revenue in Spain.
EBITDA less capex was however good, up by 6.4% yoy due to a 4.9% decline in capex.
The dividend yield is 6.45%, above the 4% for the sector best in class: we maintain our Buy.
12 May 2022
A solid and reassuring start to the year
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A solid and reassuring start to the year
Organic Q1 revenue growth was in line with expectations at 3.2% yoy, while EBITDA was up by only 2.1% yoy and lfl due to a significant increase in the cost of energy and the higher growth in lower margin revenue in Spain.
EBITDA less capex was however good, up by 6.4% yoy due to a 4.9% decline in capex.
The dividend yield is 6.45%, above the 4% for the sector best in class: we maintain our Buy.