reports
- Kais KRIAA
Q3 results below expectations (Sanad)
Q3 results below expectations TARGET CHANGE CHANGE IN TARGET PRICE$ 2.44 vs 2.55 -4.47% We reduced our 2018 estimates after the release of Q3 2018 sales below our expectations. We are now expecting US$211m sales, i.e. a stable Q4 2018 revenues after the 4.1% drop recorded in Q3 2018. We have also revised downward our 2018 EBITDA from US$9.11m to US$8.41m. We reaffirm our forecasts regarding the balance sheet structure as our model is still based on the launch of projects (especially the Cement...
- Kais KRIAA
Solid growth but margins under-pressure
Solid growth but margins under-pressure EARNINGS/SALES RELEASES H1 2018 revenue growth exceeded our expectations thanks to a progression in construction steel’s sales. However, the EBITDA margin decline is in line with our forecasts. Sanad released a solid H1 2018 set of figures, but the market is expecting an update on its ongoing projects. FACT Amid a lasting tough context, Sanad has succeeded to strengthen its market share. Furthermore, the construction steel operations also showed sol...
- Kais KRIAA
Donwgraded objectives (Sanad)
Donwgraded objectives EPS CHANGE CHANGE IN EPS2018 : $ 0.04 vs 0.08 -42.1% 2019 : $ 0.10 vs 0.11 -4.14% We reduced our 2018-2019 growth targets due to continued margin pressures on adverse FX effect and oil prices recovery. A solid H1 sales growth has partially offset the pressure on margins. CHANGE IN NAV$ 2.39 vs 2.64 -9.20% We have confirmed the valuation of the various BU. However, we have revised upward Sanad's 2019-2020 net financial debt and minority interests at fair value.
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