H1 19/20 was weak, mainly due to Steel-making, both on prices and volumes, but a degree of recovery is expected in H2 Plant-making did reasonably well, as should be the case over H2 We have concerns about the negative impact of the COVID-19 outbreak in Italy, which was not even mentioned by the group The financial communication still looks pretty weak to us We will downgrade earnings and valuation on a low H1 and our fears concerning the virus impact in H2.
12 Mar 2020
H1 19/20: a (still) weak communication
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H1 19/20: a (still) weak communication
Danieli & C. Officine Meccaniche S.p.A. (0APM:LON) | 1,771 0 0.0% | Mkt Cap: 1,440m
- Published:
12 Mar 2020 -
Author:
Fabrice Farigoule -
Pages:
3
H1 19/20 was weak, mainly due to Steel-making, both on prices and volumes, but a degree of recovery is expected in H2 Plant-making did reasonably well, as should be the case over H2 We have concerns about the negative impact of the COVID-19 outbreak in Italy, which was not even mentioned by the group The financial communication still looks pretty weak to us We will downgrade earnings and valuation on a low H1 and our fears concerning the virus impact in H2.