Q1e: lower prices, higher volumes, and strike impact. '24e EBIT up 6%, driven by Europe, but '25e-'26e fairly flat. Keep SELL: declining prices and mediocre distribution.

26 Mar 2024
Premium valuation and mediocre distribution

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Premium valuation and mediocre distribution
- Published:
26 Mar 2024 -
Author:
Adrian Gilani | ABGSC Metals & Mining Research -
Pages:
15 -
Q1e: lower prices, higher volumes, and strike impact. '24e EBIT up 6%, driven by Europe, but '25e-'26e fairly flat. Keep SELL: declining prices and mediocre distribution.