Vidrala : Electric shock to Q3 margins justifies another downward revision
>Estimates lowered again on persistent energy costs pressure - We are lowering our estimates (2022e EBITDA -8.4%, 2023e -8.1%) and target price (-11%) on Vidrala due to the high natural gas prices in place during Q3 22 (TTF € 200/ MWh, +100% vs Q2 22). We are also adjusting our estimates due to a weaker GBP (€ 0.9, -5% vs previous estimate: 25%e of sales in the UK) and updating our discount rate assumptions (+6%) resulting in a new target price of € 74. We are stickin...Vidrala SA is a Spain-based company principally engaged in the glass industry. The Company operates through two segments: Spain and European Union. The Company's activities include the production, distribution and sale of glass bottles and containers used in the food and beverages industries. The Company conducts its own research and development (R&D) operations. It operates production plants and melting furnaces located in such countries, as Portugal, France, Belgium and Italy. The Company owns such subsidiaries as Crisnova Vidrio SA, Inverbeira Sociedad de Promocion de Empresas SA, Gallo Vidro SA, Castellar Vidrio SA, Corsico Vetro SRL, MD Verre SA, Omega Immobiliere et Financiere SA, Investverre SA and CD Verre SA.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.