Viscofan : 2022 guidance in line but long-term targets above on accelerated investments
>Q4 2021 operating results somewhat below expectations - Q4 2021 results were somewhat below estimates: sales +7% (4% above consensus), with organic growth excl. forex at +4.1% (vs +8.2% in Q3 2021) on a more difficult comparable base. EBITDA -7% y-o-y in Q3 2021 (5% below consensus), with a margin of 23.7% (vs 26.1% in Q3 2021) due to cost inflation and restructuring costs. Net profit decreased -4% y-o-y to € 33m, in line with our estimates and fully in line with t...Viscofan is the parent company of the Viscofan Group. Co. is divided into two major operational subgroups. The companies comprising the Naturin GmbH subgroup are engaged in the manufacture and distribution of artificial casings (small and big diameter collagen and plastics) for the meat industry. Through its wholly-owned subsidiary IAN, S.A., Co. also manufactures and distributes canned vegetables (asparagus, olives and tomato).
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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