MBWS: Very weak H1 2018 results ahead of us
MBWS: (SELL, Fair Value EUR5,8 vs. EUR6 (-8%))Very weak H1 2018 results ahead of us
We think MBWS should post very weak H1 2018 results on September 19th. Our estimate calls for an EBITDA of -EUR15m in H1 2018 vs -EUR2m in H1 2017. As a result, we cut our full year EBITDA from -EUR4 to -EUR8m. The share price declined 20% since our downgrade on July 10th but the stock should remain under pressure. We maintain our Sell recommendation. Our FV is adjusted downwards from EUR6.0 to EUR5.8.
Marie Brizard Wine & Spirits is a wine and spirit company which is engaged in the production and distribution of wines and spirits mainly in Europe and in the U.S.A. Co.'s products can be divided into three categories: Vodka and Spirits, Wines, and Other beverages. Co. develops a portfolio of spirit brand with in particular: Youri Dolgorouki; Sobieski; Marie Brizard; Old Lady's; Berger; “PL Polonaise”; Starogardzka; Balsam Pomorski; Krakowska; Zawisza. Co. operates geographically in Poland, Western Europe, Lithuania, Bulgaria, and Other countries.
Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.