Tarkett: Good top line lfl growth but EBITDA still under pressure in Q2.
Tarkett: (NEUTRAL, Fair Value EUR24 (+6%))Good top line lfl growth but EBITDA still under pressure in Q2.
EBITDA was still under pressure in Q2 at EUR86m, lower than the consensus (92 est.), yielding an 8.8% margin down more than 160 y/y. Unfortunately, one of the key guidance figure (“raw material impact in 2018 similar to 2017â€, i.e. around EUR35m) was amended to EUR45m because of additional freight cost inflation; while the press release mentioned no guidance for EBITDA margin this year (as usual though). On the bright side, pricing was and should remain positive, on the back of better volumes in Q2. Neutral maintained.
Tarkett is a global flooring company, providing a large range of flooring and sports surface solutions to business and residential end-users. Co. is organized in four segments: Europe, Middle East and Africa (“EMEA”); North America; Commonwealth of Independent States (“CIS”), Asia Pacific (“APAC”) and Latin America; and Sports Surfaces.
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.
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