Metso Profit Warning Due to Continued Weak Profitability in Minerals in 4Q; Shares Still Overvalued
Metso pre-released fourth-quarter EBITA numbers that were in line with our estimates but substantially below management and market expectations. As expected, Metso returned to growth in 2017 (up 4.7% compared with the year-ago period), but 2017 adjusted EBITA for minerals decreased to EUR 168 million (Morningstar estimate EUR 165 million) from EUR 190 million in 2016, owing to cost overruns and write-downs related to mining projects (especially in the third quarter), negative mix effects (lower ...
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