Befesa falls after wide 2024 EBITDA guidance disappoints
25/04/2024 09:56
** Shares in Befesa BFSA.DE slump around 10% after the
metals recycling group announced a "disappointing" 2024 EBITDA
guidance
** "What disappointed the market was the guidance,
excessively conservative in our opinion," says Intermoney
Valores analyst Julián Pérez
** Befesa expects 2024 EBITDA in a range of 195-235 million
euros, which ODDO BHF Securities analyst Anis Zgaya says was a
"relative disappointment" as at mid-point came to 215 million
euros compared to 230 million expected
** Stifel analyst Michael E. Hoffman says a wide range for
forecast reflects the uncertainties of global steel production
demand, with particular focus on China
** "The market needs the company outlook to reflect more
macro confidence which would be result in a narrow vs wide
profit forecast", Hoffman adds
** If losses hold, the stock will see its worst day since
March 2023
(Reporting by Mateusz Dobrzyniewski)
((Mateusz.dobrzyniewski@thomsonreuters.com))