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May 16 2019, 08:05 IST/BST
Wienerberger
Big step towards full year target taken in Q1, with performance at odds with modest valuation
- Sectors : Building products
- Companies : Wienerberger
DAVY VIEW
As already flagged, Wienerberger (WIE) is off to a flyer in 2019 (underlying ex-IFRS 16 EBITDA up 70% year-on-year (yoy) in Q1). The group has set what looks like an ambitious growth objective for underlying EBITDA this year but is already well on course to deliver this target. Yet, this strong operational momentum has yet to be reflected in WIE’s valuation, an anomaly we believe will be corrected over time.
