An impressive organic growth in the Machines & Technology segment lies behind the very strong H1 results. The free cash flow generation is already higher than full-year 2020 and is certainly off to set a new record for the full year. The outlook for 2021 is rather cautious with +10% EBITDA growth, nonetheless above our own estimate and this will result in a very minor increase in the target price.
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Impressive H1; (cautious) full-year +10% EBITDA outlook
- Published:
26 Aug 2021 -
Author:
Wouter De Blaere -
Pages:
3
An impressive organic growth in the Machines & Technology segment lies behind the very strong H1 results. The free cash flow generation is already higher than full-year 2020 and is certainly off to set a new record for the full year. The outlook for 2021 is rather cautious with +10% EBITDA growth, nonetheless above our own estimate and this will result in a very minor increase in the target price.