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EUR 100.00
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Sales: € 508 M (+61%);
EBITDA: € 135 M (+162%).
The 1Q’21 Results show strong growth in all headings, and even though the comparable basis will possibly be one of the easiest to beat in 2021 the data released are far above our FY estimates.
The company has raised its guidance for 2021: (i) sales growth between +25% and +30% vs. the previous +15% and vs. our estimate of +5.7% and +8% consensus; (ii) EBITDA margin between 23.7% and 24.7% vs. 23.0% previously and vs. our estimate of 22.5%. In absolute terms, FDR would be aiming for EBITDA of € 450-468 M, +30% above our estimate and +20% above the consensus.
We will have to update our estimates significantly, and thus we set our T.P. Under Revision (€ 14.87/sh. previously). The share price has climbed +37% YtD (+29% vs. IBEX). SELL. T.P. Under Revision.
FLUIDRA: 1Q’21 RESULTS AND CHANGE OF T.P. TO UNDER REVISION (ANÁLISIS BANCO SABADELL)
1Q'21 vs. 1Q'20 ResultsSales: € 508 M (+61%);
EBITDA: € 135 M (+162%).
The 1Q’21 Results show strong growth in all headings, and even though the comparable basis will possibly be one of the easiest to beat in 2021 the data released are far above our FY estimates.
The company has raised its guidance for 2021: (i) sales growth between +25% and +30% vs. the previous +15% and vs. our estimate of +5.7% and +8% consensus; (ii) EBITDA margin between 23.7% and 24.7% vs. 23.0% previously and vs. our estimate of 22.5%. In absolute terms, FDR would be aiming for EBITDA of € 450-468 M, +30% above our estimate and +20% above the consensus.
We will have to update our estimates significantly, and thus we set our T.P. Under Revision (€ 14.87/sh. previously). The share price has climbed +37% YtD (+29% vs. IBEX). SELL. T.P. Under Revision.
Underlying
Fluidra S.A.
Fluidra is engaged in the manufacture and commercialization of accessories and specific products for swimming pools, irrigation, and water treatment and purification systems.
Provider
Sabadell
Research Department
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