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Sales: € 49.22 M (-10.6% vs. -9.7% BS(e));
EBITDA: € 7.96 M (-11.2% vs. -15.6% BS(e));
EBIT: € 5.31 M (-15.4% vs. -24.4% BS(e));
Net Profit: € 4.23 M (-17.3% vs. -23.4% BS(e)).
9M'19 vs. 9M'18 Results
Sales: € 166.19 M (-0.3% vs. 0.0% BS(e));
EBITDA: € 28.9 M (-1.4% vs. -2.7% BS(e));
EBIT: € 21.07 M (-1.2% vs. -3.8% BS(e));
Net Profit: € 17.11 M (-2.8% vs. -4.5% BS(e)).
The company released mixed 3Q’19 results, where sales were slightly below expectations (-10.6% vs. -9.7% BS(e)), but EBITDA came in above (-11.2% vs. -15.2% BS(e)) thanks to better margins (16.2% vs. 15.1% BS(e) and 16.3% in 3Q’18). As a result, EBITDA fell -17.3% vs. 3Q’18, which is higher than our estimate of -23.4%. The company has registered a cash net position of € 97 M in line with 2Q’19 and vs. € 93 M as of YE2018 due to investments totalling € 3.2 M on the quarter vs. € 4.5 M in 2Q’19.
We expect a slightly positive reception by the market following the -16% underperformance vs. the IBEX over the past 3 months. However, following this set of results, the EBITDA growth IBG should present in 4Q’19 in order to meet our current estimates would be +13%, which we see as quite demanding given its performance thus far this year (-1.4%). Thus, we will wait for the company’s conference call (at 10:00 (CET)) in order to see how much we will have to cut our estimates (it could be up to -5% in EBITDA’19e and -4% on the T.P.) and whether or not we will change our recommendation. SELL. T.P. € 34.46/sh. (upside +37.84%).
IBERPAPEL: 3Q’19 RESULTS (ANÃLISIS BANCO SABADELL)
3Q'19 vs. 3Q'18 ResultsSales: € 49.22 M (-10.6% vs. -9.7% BS(e));
EBITDA: € 7.96 M (-11.2% vs. -15.6% BS(e));
EBIT: € 5.31 M (-15.4% vs. -24.4% BS(e));
Net Profit: € 4.23 M (-17.3% vs. -23.4% BS(e)).
9M'19 vs. 9M'18 Results
Sales: € 166.19 M (-0.3% vs. 0.0% BS(e));
EBITDA: € 28.9 M (-1.4% vs. -2.7% BS(e));
EBIT: € 21.07 M (-1.2% vs. -3.8% BS(e));
Net Profit: € 17.11 M (-2.8% vs. -4.5% BS(e)).
The company released mixed 3Q’19 results, where sales were slightly below expectations (-10.6% vs. -9.7% BS(e)), but EBITDA came in above (-11.2% vs. -15.2% BS(e)) thanks to better margins (16.2% vs. 15.1% BS(e) and 16.3% in 3Q’18). As a result, EBITDA fell -17.3% vs. 3Q’18, which is higher than our estimate of -23.4%. The company has registered a cash net position of € 97 M in line with 2Q’19 and vs. € 93 M as of YE2018 due to investments totalling € 3.2 M on the quarter vs. € 4.5 M in 2Q’19.
We expect a slightly positive reception by the market following the -16% underperformance vs. the IBEX over the past 3 months. However, following this set of results, the EBITDA growth IBG should present in 4Q’19 in order to meet our current estimates would be +13%, which we see as quite demanding given its performance thus far this year (-1.4%). Thus, we will wait for the company’s conference call (at 10:00 (CET)) in order to see how much we will have to cut our estimates (it could be up to -5% in EBITDA’19e and -4% on the T.P.) and whether or not we will change our recommendation. SELL. T.P. € 34.46/sh. (upside +37.84%).
Underlying
Iberpapel Gestion S.A.
Iberpapel Gestion is engaged in the manufacture, wholesale distribution, sale and export of pulp and printing and writing paper. In addition, Co. maintains forestry activities, including the cultivation of timberlands.
Provider
Sabadell
Alfredo del Cerro
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