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.