Inbox: Analysten: Zumtobel’s new EBIT guidance points to robust margin development


Emailed from / found at: Erste Group Research (BSN note: scrolling text in the original of the sender, title (always) and images (often) by from the photo archive)

From Erste Group’s Equity Weekly: Zumtobel surprised this week with a positive profit warning for the current FY 2020/21. While the sales expectations have been specified at EUR 1.03-1.04 billion (previously: around EUR 1 billion), the Management Board now expects adjusted EBIT of EUR 36 – 43 million (previously: around EUR 28 million). At EUR 24 – 34 million, the annual result should even be significantly higher than the previous year (EUR 14.5 million) due to lower restructuring costs and a positive effect from income taxes.

Outlook. The higher outlook for 2020/21 clearly surprised positively and points to a strong 4th quarter (February-April), which last year already showed clear signs of Corona slowdown. The new EBIT guidance also points to a very robust margin development. In our opinion, this resilience in times of crisis shows that the restructuring at Zumtobel has taken effect over the past few quarters. The currently suspended medium-term target of an EBIT margin of 6% could thus be delayed, but not be out of reach. An open point, however, is definitely a clear medium-term strategy and better visibility of the volumes.

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Inbox Analysten Zumtobels EBIT guidance points robust margin development


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