Mekonomen: Slumps as "abnormally weak market" prompts guidance cut

Meko AB

18/01/2019 08:12

** Shares in Swedish car service co  MEKO.ST  fall 16 pct as
co expects Q4 EBIT far below analysts estimates  urn:newsml:reuters.com:*:nL8N1ZI0MR
    ** Co says seen an "abnormally weak market" throughout
Europe in final quarter of 2018
    ** Kepler Cheuvreux cuts co's TP by c. 14 pct to SEK 115
    ** Strong EUR vs SEK and NOK has continued to generate high
purchasing costs, says Kepler, which nevertheless expects profit
improvement in co over coming years
    ** Mekonomen's guidance cut comes in the wake of dire profit
warning from UK automotive retailer Halfords Group  HFD.L 
 urn:newsml:reuters.com:*:nL3N1ZA2UR
    ** Bilia  BILIa.ST , another Swedish car service co, down 2
pct
    ** Mekonomen shares set for worst day since ever, fall to 
lowest level since April 2009

 ((boleslaw.lasocki@tr.com))