Fincantieri shifts after the accounts, continues the Vard integration process


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A forgettable session for Fincantieri who lost 5.6% to 0.88 euros after announcing the results at 30 September yesterday. Revenues and income in the first nine months of 2019 recorded an increase of 9.7% compared to the same period last year, confirming the growth expectations for 2019 of the Shipbuilding sector and the Systems, Components and Services sector. Ebitda, equal to euro 287 million (+ 2.1% compared to 30 September 2018) with an EBITDA margin of 6.7%, reflects the positive performance of the Shipbuilding sector (+ 30.2% compared to 30 September 2018 despite the negative effect of Vard's cruise orders) and the negative marginality of the Offshore sector and Special ships.
With reference to the subsidiary Vard, following the delisting in December 2018, the process of integration into the Fincantieri Group and alignment with best practices continued. The result was a change in management and the start of a reorganization process. These initiatives led on the one hand to the recovery of production delays that would have otherwise compromised the delivery of the ships on schedule and on the other hand to the revision of the cost estimates to finish the orders that were reflected in the results at 30 September 2019.

"The company did not provide guidance on Ebitda's guidance (the previous guidance assumed Ebitda margin stable on an annual basis at 7.6% against our estimate of 7.5%) while the net financial position is seen to be slightly better than the figure in the third quarter of 2019 (US-793 million) ", Equita analysts stress (Hold rating with a target price of € 1.25). "The company has emphasized that the last 3 months of the current year could be characterized by further revisions of the marginal estimates of Vard's orders with consequent negative impact on group profitability" concludes Equita.

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