Vicat: Bryan Garnier adjusts target price.
(CercleFinance.com) - While maintaining its "neutral" rating on Vicat, Bryan Garnier has adjusted its fair value for the stock from 65 euros to 66 euros and has revised its forecasts "to take account of various difficult markets, especially Egypt and to a lesser extent Turkey".
The broker now expects the building materials group to report 2017 EBITDA of 477 million euros, down slightly (-5%) relative to its previous estimate of 501 million euros.
It says that "Despite healthy fundamentals, promising prospects in France and a possible acquisition as of 2018, current specific difficulties combined with a still high consensus and somewhat demanding valuation prevent us from being more bullish on the stock."
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
The broker now expects the building materials group to report 2017 EBITDA of 477 million euros, down slightly (-5%) relative to its previous estimate of 501 million euros.
It says that "Despite healthy fundamentals, promising prospects in France and a possible acquisition as of 2018, current specific difficulties combined with a still high consensus and somewhat demanding valuation prevent us from being more bullish on the stock."
Copyright (c) 2017 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.