H1 19 interims have come in ~3% below expectations at the EBITDA level, with revenues ~5% below forecasts. Although North American revenues were ~2% ahead, contract timings in international markets contributed to the top-line miss at the group level. The company has rebased its top-line guidance from $87m to $83-87m (APe: $87m), which we believe partially reflects the need for a strong H2. We estimate H2 vs. H1 growth of ~35% at the EBITDA level which is based on our FY19e EBITDA forecast of
04 Sep 2019
H1 19 interims – first take
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H1 19 interims – first take
Somero Enterprises, Inc. (SOM:LON) | 335 6.7 0.6% | Mkt Cap: 184.8m
- Published:
04 Sep 2019 -
Author:
Kunal Walia -
Pages:
3
H1 19 interims have come in ~3% below expectations at the EBITDA level, with revenues ~5% below forecasts. Although North American revenues were ~2% ahead, contract timings in international markets contributed to the top-line miss at the group level. The company has rebased its top-line guidance from $87m to $83-87m (APe: $87m), which we believe partially reflects the need for a strong H2. We estimate H2 vs. H1 growth of ~35% at the EBITDA level which is based on our FY19e EBITDA forecast of