Villeroy & Boch AG : Q3 earnings and full-year EBIT guidance apparently saved by one-offs, but investment case remains intact
>One-off effects had a positive impact of just under € 4m on EBIT - In Q3 2018, sales including licence income (= effective revenue post introduction of IFRS 15) came in at € 196.3m (our estimate: € 203.4m; Q3 2017: n/a). Given that in 2017 licence income was included not in sales but in other operating income, the figures are not comparable. Revenue from the sale of goods, excluding licence income, amounted to € 194.9m (Q3 2017: € 200.3m; nominal sales growth: -2.7% ...Villeroy&Boch is a holding company. Co. is a ceramic manufacturer. Co. operates in two divisions Bathroom and Wellness, and Tableware. Co.'s bathroom and wellness product includes ceramic bathroom collections in various styles, bathroom furniture, modern shower, tub and whirlpool systems, saunas, ceramic kitchen sinks, and fittings and accessories. Co.'s tableware product features new and traditional crockery series as well as glassware, cutlery, gift items and a range of living accessories such as kitchen, tableware textiles, and gift items. Co. also sells supplementary products on a license basis. Co.'s products are sold in 125 countries.
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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