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Feb 10 2020, 07:55 GMT
Buzzi Unicem
Strong finish, even stronger cash performance
- Sectors : Building Materials
- Companies : Buzzi Unicem
DAVY VIEW
Buzzi Unicem expects FY19 EBITDA of c.€700m, 3% better than our forecast, aided by a strong finish to the year in the US. The group’s financial position has improved again, and net debt at year-end was €566m – comfortably ahead of estimates. Adding the $150m proceeds from Kosmos (Q1 2020 completion), net debt/EBITDA will be just c.0.6x. That cash performance, combined with stable end-markets, suggests the stock is too cheap.
