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Cabka NV : Taking a cautious stance towards the EBITDA guide with valuation still cheap
>FY22 recap: energy, outsourcing clearly impacting profitability - Cabka reported FY22 results that were in line on sales (BB css only represents thee analysts), but somewhat soft on profitability and cash. Although Cabka guides for a FY23 adj. EBITDA margin between 13-15%, with the mid-point reflecting current BB ‘css’, we highlight that this would imply a material step up between 2H22 and 1H23 (of at least 400bps).We foresee Cabka reaching lower-end of ...
Underlying
CABKA N.V.
Provider
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.
Eric Wilmer
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