VIDRALA: FY2020 RESULTS (ANÁLISIS BANCO SABADELL)
4Q'20 vs. 4Q'19 ResultsSales: € 238.6 M (-4.1% vs. -6.6% expected);
EBITDA: € 76.2 M (+11.6% vs. -5.4% expected);
Net Profit: € 48.5 M (+39.0% vs. -16.3% expected);
FY2020 vs. FY2019 Results
Sales: € 988.4 M (-2.2% vs. -2.8% expected);
EBITDA: € 279.8 M (+1.9% vs. -2.3% expected);
Net Profit: € 159.5 M (+11.3% vs. -2.1% expected);
The company has released 4Q’20 above expectations, with sales falling -4% and EBITDA rising +12% (the exchange rate has a slightly positive impact), and thus with a significant improvement in margins in the 4Q’20 (+477bps) based on a recovery of sales volumes and efficiency improvements. Furthermore, the company expects to maintain the margin reached in 2020 in 2021 (28.3 vs. 28.0% BS(e)).
The strong debt reduction was also a positive surprise, falling from € 341 M as of Dec’19 to € 233 M (vs. € 275 M BS(e)) although this could have a seasonal component. NFD/EBITDA ended 2020 at 0.8x
We expect a positive market reaction and reiterate our BUY recommendation. T.P. € 108.60/sh. (upside +16.77%).
Vidrala SA is a Spain-based company principally engaged in the glass industry. The Company operates through two segments: Spain and European Union. The Company's activities include the production, distribution and sale of glass bottles and containers used in the food and beverages industries. The Company conducts its own research and development (R&D) operations. It operates production plants and melting furnaces located in such countries, as Portugal, France, Belgium and Italy. The Company owns such subsidiaries as Crisnova Vidrio SA, Inverbeira Sociedad de Promocion de Empresas SA, Gallo Vidro SA, Castellar Vidrio SA, Corsico Vetro SRL, MD Verre SA, Omega Immobiliere et Financiere SA, Investverre SA and CD Verre SA.
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