voestalpine 3Q 19/20 - Lower than flagged one-offs but underlying earnings in line
Except for higher EPS, voestalpines 3Q figures largely lived up to our and market forecasts. Earnings contained lower than flagged non-recurring items but both headline and underlying results were about in line with expectations. The FY guidance of EBITDA of ca. EUR 1.2 bn and barely positive EBIT was maintained. We have a neutral stance on results release.
The Institutional Equity Research team of Raiffeisen Bank International AG covers 85 stocks from Austria, Central & Eastern Europe with sell-side research and thus levers our local broker status with excellent company relationships. For corporates in Austria, CEE and Western Europe, we offer co-sponsored research, which includes research coverage and marketing activities to investors. Additionally, through our Spotlight Research product we also shed light on leading European small and micro-caps, seeking greater visibility with investors.
The Institutional Equity Research team consists of roughly 15 analysts, both in Vienna and the CEE countries. Our analysts provide long-standing sector expertise in tandem with profound local market know how and a sectoral approach across the entire region.
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