After the first 9 months affected by the economic slowdown, a solid Q4 (revenues up by 17% yoy) allowed Hera to finish the year on a positive note. EBITDA is up by 3.5% and well above our bearish estimations (8% higher), while net income is slightly below expectations. There was a good point on the dividend, historically stable, which has risen to €0.11 (+10%) for FY20 and expected to reach €0.13 by FY24. Positive opinion confirmed.
