Vidrala : Higher energy costs and sustainability investments to impact short-term cash flow
>Lowering estimates on higher energy costs - We are reducing our target price on Vidrala to € 103 (-7% from previous € 111) on weaker- than-expected results in 2021 and 2022 (-c.1.5% and -4.5% respectively in estimated EBITDA) due to significantly higher than expected energy-related costs (+c.30%) only partially offset by a selling price rise across the different business segments (+5% in 2022e). These factors combined with higher investments announced for the 2022-20...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.
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