Titan Q4 first glimpse: Mixed set of results

10.03.2016 17:53

Titan announced net Income at €33.8m (+9.1% vs last year), aided by €17.4m of FX gains (vs €31.1m in 2014), but adversely affected by increased impairment charges (€46m vs €26m in Q4’15).

 

The following table summarizes results vs consensus estimates:

 

ΤΙΤΑΝ
2014
2015
Y-o-Y
2015
Act. vs
2014
2015
Y-o-Y
2015
Act. vs
EUR m.
FY
FY
(%)
FY Est.
Est.
4Q
4Q
(%)
4Q Est.
Est.
Sales
1,158.4
1,397.8
20.7% 
1,379.0
1.4% 
278.7
368.3
32.2% 
349.5
5.4% 
EBITDA
181.6
216.4
19.2% 
214.5
0.9% 
34.9
51.2
46.7% 
49.3
4.0% 
EBITDA Mrg
15.7% 
15.5% 
-19 bps 
15.6% 
-0.4%
12.5% 
13.9% 
+138 bps 
14.1% 
-1.3%
Net Income
30.9
33.75
9.1% 
45.41
-25.7% 
0.4
-2.4
-647.9% 
9.2
-126.3% 
Net Mrg
2.7% 
2.4% 
-26 bps 
3.3% 
-26.7%
0.2%  
-0.7% 
-82 bps 
2.6% 
-124.9%

 

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Manos Chatzidakis





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