Galenica reported strong FY20 sales (+5.4% to CHF3.48bn), trumping estimates. Growth was driven by Services (+7.8%) and Products & Brands (+9.4%), which made up for the expected softness in Retail (+2.7%). The group expects FY20 EBIT to be at the prior year’s level, and will propose a dividend of at least CHF1.8/share, as previously announced. Given the marginal top-line beat, and in line profit forecast, we do not expect any significant changes to our forecasts or target price.
25 Jan 2021
FY 20 sales: Galenica motors along
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FY 20 sales: Galenica motors along
Galenica reported strong FY20 sales (+5.4% to CHF3.48bn), trumping estimates. Growth was driven by Services (+7.8%) and Products & Brands (+9.4%), which made up for the expected softness in Retail (+2.7%). The group expects FY20 EBIT to be at the prior year’s level, and will propose a dividend of at least CHF1.8/share, as previously announced. Given the marginal top-line beat, and in line profit forecast, we do not expect any significant changes to our forecasts or target price.