Report
Ebusco - Refinancing after cautious update on H2-23
Cuts 2023 revenue guidance to lower end of the range and warns about inefficiencies due to supply chain challenges.Reiterates guidance for positive 2024 EBITDA, and adds guidance for >EUR 300m in revenues, fully based on existing order book.Raises EUR 25m in new equity at EUR 5.00 p/s and issues a EUR 36.8m convertible bond.We will adjust our estimates for the refinancing and the new guidance, although we remain cautious given the poor track record.We cut our target price from EUR 6.70 to EUR 6 to reflect the dilution and slow progress.
Underlying
EBUSCO HLDG NV
Provider
Degroof Petercam
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