VISCOFAN: 1Q’20 RESULTS (ANÃLISIS BANCO SABADELL)
1Q'20 vs. 1Q'19 Results:Sales: € 222.11 M (+10.4% vs. +8.3% consensus);
EBITDA: € 51.99 M (+13.3% vs. +9.6% consensus);
Net Profit: € 27.36 M (+20.3% +13.6% consensus);
At the closing bell the company released better 1Q’20 results than expected on all levels, with the company maintaining its 2020 guidance and dividend. EBITDA on the quarter grew more than expected (+13.3% vs. +9.6% consensus) thanks to higher sales than expected (+10.4% vs. +8.3% consensus) and better margins (+60bps to 23.4% vs. 23% consensus). Growth in Net Profit also beat expectations (+20.3% vs. +13.6% consensus), whereas NFD fell -23% to € 69 M (~0.3x NFD/EBITDA).
VIS maintains its 2020 guidance of revenues growing between +6%/+8% (vs. +5.5% consensus), EBITDA between +7%/+9% (vs. +7.6% consensus) and Net Profit between +6%/+9% (vs. +10.5% consensus), underpinned by € 54 M of capex (-13% vs. 2019). Separately, it has kept the dividend’19 of € 1.62/sh. (~3.0% yield), with the final payment still pending (€ 0.96/sh., 1.7% yield) on 4 June’20.
We expect the results to be well received despite the excellent performance since the outbreak of the Covid-19 crisis (+7%; +41% vs. IBEX). SELL. T.P. € 55.50/sh. (upside +1.27%).
Viscofan is the parent company of the Viscofan Group. Co. is divided into two major operational subgroups. The companies comprising the Naturin GmbH subgroup are engaged in the manufacture and distribution of artificial casings (small and big diameter collagen and plastics) for the meat industry. Through its wholly-owned subsidiary IAN, S.A., Co. also manufactures and distributes canned vegetables (asparagus, olives and tomato).
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