02 Nov 2020
Awaiting the EGM, irrelevant Q3 20 figures.
URW posted increasing vacancy rates (albeit at a slower pace than in Q2 20) and a slowing average ticket per client in Q3 20, especially in September. These numbers obviously did not take into account the impact of additional lockdowns which will hurt the Q4 20. All this is likely to favour the recap scenario in our view.
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Awaiting the EGM, irrelevant Q3 20 figures.
- Published:
02 Nov 2020 -
Author:
Christian Auzanneau -
Pages:
5
URW posted increasing vacancy rates (albeit at a slower pace than in Q2 20) and a slowing average ticket per client in Q3 20, especially in September. These numbers obviously did not take into account the impact of additional lockdowns which will hurt the Q4 20. All this is likely to favour the recap scenario in our view.