Viscofan : Q3 EBITDA below, earnings above. FY23 EBITDA guidance revised downwards
>Softer-than-expected sales momentum on destocking, FX and weak energy - Viscofan’s Q3 operating results were somewhat below our estimates and the consensus (-3% reported, +2%cc vs +1% Q3 2023e and 0% cons.), with sales growing somewhat below expected due to the destocking phenomenon, forced production stoppages in the US due to electricity supply cuts and FX deterioration not to mention the hard comp (+15%cc in 3Q22). All regions deteriorated its sales momentum in th...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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