Sika published a good set of FY21 results, but slightly below our expectations. It registered sales growth across all markets, and slightly above our estimates, but the EBIT margin was shy by 60bp and net profit by 2%. Management proposed a dividend of CHF2.9, in line with our estimate.
18 Feb 2022
FY21: slightly lagged our lofty expectations
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FY21: slightly lagged our lofty expectations
Sika published a good set of FY21 results, but slightly below our expectations. It registered sales growth across all markets, and slightly above our estimates, but the EBIT margin was shy by 60bp and net profit by 2%. Management proposed a dividend of CHF2.9, in line with our estimate.