Report
EUR 200.00
For Business Accounts Only
At the closing bell the company announced that it is withdrawing its guidance for 2020 (sales of €10.2-10.6 Bn vs. € 10.52 Bn BS(e) and € 10.26 Bn consensus and an adjusted EBIT margin of between 4.5% and 5.5% vs. 5.1% BS(e) and 5.0% consensus). Currently SGRE cannot reasonably quantify how big the impact from COVID-19 will be. We expect a negative reaction, especially considering the +18% outperformance vs. the IBEX since February highs, and since then the consensus has only cut adjusted EBIT’20 estimates by -10% (remaining within the guidance). In our base-case scenario we expect a -22% cut to EBIT’20 (4.1% margin) and around -5% to our T.P., down to around € 12.40/sh. (which lacks enough upside).
SIEMENS GAMESA: WITHDRAWS 2020 GUIDANCE (ANÃLISIS BANCO SABADELL)
Withdraws 2020 guidance. SELL.At the closing bell the company announced that it is withdrawing its guidance for 2020 (sales of €10.2-10.6 Bn vs. € 10.52 Bn BS(e) and € 10.26 Bn consensus and an adjusted EBIT margin of between 4.5% and 5.5% vs. 5.1% BS(e) and 5.0% consensus). Currently SGRE cannot reasonably quantify how big the impact from COVID-19 will be. We expect a negative reaction, especially considering the +18% outperformance vs. the IBEX since February highs, and since then the consensus has only cut adjusted EBIT’20 estimates by -10% (remaining within the guidance). In our base-case scenario we expect a -22% cut to EBIT’20 (4.1% margin) and around -5% to our T.P., down to around € 12.40/sh. (which lacks enough upside).
Underlying
SIEMENS GAMESA (SGRE SM)
Provider
Sabadell
Alfredo del Cerro
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