Rubis - Dynamic growth in adjusted net income, low valuation and attractive dividend yield
Adjusted EBITDA up 14% above guidance▪Adjusted net income up 8%Corporate net debt at 1.4x EBITDASale of Rubis Terminal and distribution of €75 million capital gain as exceptional dividendEBITDA 2024 forecast between €725M and €775M, compared with normative EBITDA of €756M in 2023Net income expected to be stable to slightly up despite higher taxesPhotosol secured portfolio up 77% to 893MWValuation still rather low and attractive dividend yield at 6%. Vincent Bolloré and Patrick Molis (Compagnie Nationale de Navigation) were not insensitive, both crossing the 5% threshold.Rubis is a holding company based in France. Co., through its subsidiaries, is engaged in the bulk import, production or distribution process, and storage of petroleum products in Europe, the Caribbean, and Africa. Co. operates bulk liquid storage facilities for petroleum products, chemicals, fertilizers, edible oils and molasses, and foodstuffs, as well as distributes butane, propane, and petroleum products in wholesale and retail. Co.'s customers primarily include hypermarkets and supermarkets; oil companies; chemists; and traders and intermediaries of fuel, oil or gas, manures, and other liquids.
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