Downgrading outlook (PALTEL)
Downgrading outlookEPS CHANGE
CHANGE IN EPS2018 : JOD 0.52 vs 0.58 -10.0%
2019 : JOD 0.54 vs 0.60 -9.76%
Paltel’s 9M 2018 bottom line comes far below our projections on lower revenues and increased finance and tax costs. We have updated our model based on Q3 2018 figures. Therefore, we have revised our FY 2018 and FY 2019 EPS downwards (-10.3% to JOD0.52, and -10% to JOD0.54, respectively). The decrease in our 2018-2020 net profits is mainly attributable to the downward revision of our revenues and EBITDA forecasts over the 2018-2020 period, in addition to the increase in finance costs.
CHANGE IN DCFJOD 6.94 vs 8.01 -13.4%
Our DCF decreased by 13.4% to JOD6.94 per share following the downward revision of the group’s growth outlooks of both revenues and EBITDA over the 2018-2020 period. We now expect a revenue CAGR of -0.7%, and an EBITDA CAGR of 0.2% over the 2018-2020 period ( vs. 1.2% and 1.8%, respectively, initially estimated).
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