Report
Eric Lemarie

TARKETT: Q4 EBITDA warning | NEUTRAL | EUR15 vs. EUR18 (+9%)

TARKETT - NEUTRAL | EUR15 vs. EUR18 (+9%)
Q4 EBITDA warning

Negative impact from ERP implementation on Q4 NAM revenues
New guidance (again) for FY 2019 EBITDA
New clean EBITDA revised by 10% in 2019e and -8% in 2020e
Neutral maintained but FV revised again (EUR15 vs EUR18)
Underlying
Tarkett SA

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.

Provider
Bryan Garnier
Bryan Garnier

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.

Analysts
Eric Lemarie

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