Buzzi released its H1 results with net sales up by 17% despite a decline in volume sales. Due to high cost inflation, EBITDA grew disproportionally by only 4%, registering a margin decline of 250bp. High D&A&I costs led to a 58% decline in reported NI but it will not impact our NI because it is adjusted for impairments.
Following this result, we will revise our estimates upwards to resonate with management’s guidance of a flat lfl EBITDA for FY22.
04 Aug 2022
H1 22: full-year EBITDA guidance upgraded
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H1 22: full-year EBITDA guidance upgraded
- Published:
04 Aug 2022 -
Author:
Sejal Varshney | Loco Douza -
Pages:
3
Buzzi released its H1 results with net sales up by 17% despite a decline in volume sales. Due to high cost inflation, EBITDA grew disproportionally by only 4%, registering a margin decline of 250bp. High D&A&I costs led to a 58% decline in reported NI but it will not impact our NI because it is adjusted for impairments.
Following this result, we will revise our estimates upwards to resonate with management’s guidance of a flat lfl EBITDA for FY22.