Bankinter S.A. - Almirall (ALM SM) The profit warning provides an opportunity to Buy

Report

Bankinter S.A.

Pedro Echeguren

EUR 100.00 For Business Accounts Only

The profit warning provides an opportunity to Buy

Almirall announced today a profit warning. New guidance is of a low double-digit decline in 2017 sales and total income (versus prior guidance of mid-single digit growth) and a 2017 EBITDA of €140-170mn that compares against €228mn in 2016 and a prior 2017 guidance of mid-single digit growth. Difficulties in the US prompted this revision.

We are trimming our estimates and cut our target price to €11.25 (from €17.72).

The shares have lost –37% in the last month, we see good value at current prices and recommend to Buy.

10/07/2017 7 EN

Underlying

Almirall

See profile

Spain

Provider

Bankinter S.A.

Bankinter S.A. is a Spanish brokerage firm established in 1989. The company's line of business includes the provision of market research and trading services for Equity and Fixed Income products.

See profile

Analysts

Pedro Echeguren

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The profit warning provides an opportunity to Buy

Reig Jofre: EBITDA maintains its growth in 1H20 (+40%) driven by sales (+25%) and cost efficiencies

Reig Jofre: EBITDA increased +43% in 1Q20 fuelled by sales (+26%) and a higher EBITDA margin

Reig Jofre: EBITDA (adj.) +17% in 2019 and guidance is 2x in a five-year plan

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