Ebusco : Into the void: lowering our recommendation to Underperform
>An abominable H1 masked a bigger problem: Ebusco’s falling orderbook - Ebusco reported H1 sales figure of €38m which was 56% below our estimate and down approx. 9% on a year on year (YoY) basis. With gross margins at negative (€12m), EBITDA loss deepened to (€60.7m) against (€43.5m) a year ago. The company indicated that it will need extra funding for which it is in discussions and intends to implement a Turnaround Plan (Plan). Not surprisingly, the orderbook keeps ...
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.
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