Donwgraded objectives (Sanad)
Donwgraded objectivesEPS CHANGE
CHANGE IN EPS2018 : $ 0.04 vs 0.08 -42.1%
2019 : $ 0.10 vs 0.11 -4.14%
We reduced our 2018-2019 growth targets due to continued margin pressures on adverse FX effect and oil prices recovery. A solid H1 sales growth has partially offset the pressure on margins.
CHANGE IN NAV$ 2.39 vs 2.64 -9.20%
We have confirmed the valuation of the various BU. However, we have revised upward Sanad's 2019-2020 net financial debt and minority interests at fair value.
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