Q3 results below expectations (Sanad)
Q3 results below expectationsTARGET CHANGE
CHANGE IN TARGET PRICE$ 2.44 vs 2.55 -4.47%
We reduced our 2018 estimates after the release of Q3 2018 sales below our expectations. We are now expecting US$211m sales, i.e. a stable Q4 2018 revenues after the 4.1% drop recorded in Q3 2018. We have also revised downward our 2018 EBITDA from US$9.11m to US$8.41m. We reaffirm our forecasts regarding the balance sheet structure as our model is still based on the launch of projects (especially the Cement mill) in 2018 (during this Q4). These adjustments resulted in a 4.3% cut in our Target Price.
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