Key information: • Bloomberg adjusted EPS was 44% below consensus. • Pro forma adjusted EBITDA in line with consensus. • On a pro forma basis, adjusted operating EBITDA decreased by 4.6% on a lfl basis. • 2018 targets are confirmed by management. • Proposed dividend of CHF1.50 per share in line with our forecast. • CHF1bn debt reduction in Q4 thanks to working capital optimisation. • Net loss of CHF2.9bn in Q4 includes CHF3bn of asset impairment and other ch
18 Mar 2016
Management’s targets confirmed and remain too aggressive...
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Management’s targets confirmed and remain too aggressive...
Key information: • Bloomberg adjusted EPS was 44% below consensus. • Pro forma adjusted EBITDA in line with consensus. • On a pro forma basis, adjusted operating EBITDA decreased by 4.6% on a lfl basis. • 2018 targets are confirmed by management. • Proposed dividend of CHF1.50 per share in line with our forecast. • CHF1bn debt reduction in Q4 thanks to working capital optimisation. • Net loss of CHF2.9bn in Q4 includes CHF3bn of asset impairment and other ch