EBITDA was up by 10.8% lfl despite a negative volume effect due to an unfavourable regional mix more than offset by a positive price over cost spread. Management still sees FY recurring EBITDA pre IFRS 16 of at least +5%, which seems somewhat low as H1 19 was clearly higher. In our view, the 5% will become the lower end of the consensus range. Overall, we expect to maintain our Buy recommendation.
05 Aug 2019
H1 19: strong performance but net debt financial engineering
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H1 19: strong performance but net debt financial engineering
EBITDA was up by 10.8% lfl despite a negative volume effect due to an unfavourable regional mix more than offset by a positive price over cost spread. Management still sees FY recurring EBITDA pre IFRS 16 of at least +5%, which seems somewhat low as H1 19 was clearly higher. In our view, the 5% will become the lower end of the consensus range. Overall, we expect to maintain our Buy recommendation.