Zumtobel - FY 20/21 guidance implies material upside to forecasts
Revenue outlook of EUR 1.03-1.04 bn implies 4-8% growth in Q4Adj. EBIT guided at EUR 36-43 mn vs. RBIe and consensus at roughly EUR 30 mn
Better sales momentum, price hikes and input cost inflation creeping in slower than assumed as primary drivers
Positive tax one-off to inflate bottom line
Despite flagging some green shoots management sounded way less optimistic than the guidance implies just three weeks ago upon the Q3 release
Hence, a very surprising positive message
Zumtobel is a lighting company based in Austria. Co. offers a full-line range of integral professional lighting solutions, luminaires, light management systems and lighting components for indoor and outdoor applications. Co.'s business activities are carried out primarily through its subsidiary groups: the Lighting Segment (lighting solutions, interior and exterior lighting, electronic-digital lighting and room management systems) and the Components Segment (electronic and magnetic lighting components).
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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