Ebusco drops on below-consensus FY figures, mid-term margin outlook cut

Ebusco Holding

29/03/2023 08:56

** Shares in Ebusco  EBUS.AS  fall around 9% after the Dutch
maker of electric buses posted FY results below expectations,
and lowered five-year outlook
    ** The company reports EBITDA loss of 34.8 million euros 
($37.66 million), on total revenue of 111.6 million euros, held
back by supply chain disruptions, delayed deliveries
    ** Both figures miss analyst estimates, Jefferies says
    ** "The financial performance is disappointing. Guidance for
2023 regarding bus volume numbers is somewhat lower than what we
are currently aiming for," ING says
    ** In 2023, Ebusco expects a sharp increase in revenue with
contribution from 550-600 buses
    ** ING says the mid-point of this guidance is about 12%
below its current forecast
    ** The company also cuts its mid-term EBITDA margin target
to 20-25% from 35% previously
    ** Shares are on track for their worst day since March 13,
when it scored its by far biggest single-day drop since the IPO
in Q4 2021
    ** The stock has dropped about 27.45% YTD

($1 = 0.9241 euros)

 (Reporting by Lina Golovnya)
 ((lina.golovnya@thomsonreuters.com))