Report
Roland Pfaender,MBA,CFA,CCRA

BayWa AG : Q3 2019 earnings below our expectations; we lower our EPS estimates and downgrade our recommendation to Neutral

>Q3 2019 EBIT broadly in line with our estimate but net profit fell short of our expectations - BayWa’s Q3 2019 EBIT came in at € 25.1m, up from an EBIT loss of 1e€ 3.8m in Q3 2018. We were looking for Q3 2019 EBIT of € 28.7m. The positive y1eo1ey change was predominantly driven by a € 20.7m y1eo1ey EBIT improvement in renewable energy and a ~€ 10m EBIT uplift in global produce from a real estate disposal. The attributable net loss stood at 1e€ 11.4m in the quarter whereas ...
Underlying
Baywa AG A

BayWa is a trading and service company. Co. operates in six business units: Agricultural Trade, which comprises trading in agricultural produce and operating resources; Fruit, which includes activities of fruit growing and trading; Agricultural Equipment, which provides agricultural equipment and services; Energy, which supplies heating oil, fuels, lubricants and wood pellets to customers; Renewable Energies, which provides customers services geared to project planning for wind power, biogas facilities and solar power plants; and Building Materials, which comprises building materials sales activities as well as the operation of DIY and garden centres of Co.'s Austrian group companies.

Provider
Oddo BHF
Oddo BHF

​Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.

Analysts
Roland Pfaender,MBA,CFA,CCRA

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