Viscofan : Q3 EBITDA a touch above. FY 2024 earnings guidance nuanced slightly downwards
>Casings bounce-back is a bit timid but solid margins save the day. - The group’s Q3 operating results were a touch above our estimates and the consensus (EBITDA +18% reported, +11%cc vs +3%cc in Q2), with sales evolving in line with expectations (+5%) yet unable to offset the soft evolution seen in H1 2024 (-6%). All regions improved sequentially their sales momentum in the quarter, with NA and EMEA posting the strongest evolution (NA+`5% vs -3% in Q2 and EMEA +8% vs...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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