Novafives 1Q18 - EBITDA guidance revised down due to US sanctions on Iran
Only a month after the issuance of €600m senior secured notes, Novafives (the French engineering firm) has adjusted down its full-year EBITDA guidance by around 10% and also reported weak 1Q18 results. Management cut its initial EBITDA target (i.e. above €135m, which is the FY17 level) by €10-20m, mainly due to the US sanctions on Iran (announced in May 2018) and to a lesser extent recent sanctions towards Russian companies.
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