DAVY VIEW

Wienerberger remains on track to significantly increase underlying profits in 2019. The lower end of the full year EBITDA guidance range has been increased, a good achievement in the current environment. The gains from the Fast Forward 2020 programme are coming through, thus providing a considerable spur to earnings. This has given Wienerberger a momentum many of its peers are finding elusive. Despite this, the stock has spent much of the past year trapped at €19-22, leaving it at an undemanding multiple of under 6x EBITDA. We reiterate our ‘Outperform’ rating.