Rubis tracks best day in 17 months as FY beats expectations

Rubis SCA

08/03/2024 08:51

** Rubis'  RUBF.PA  shares jump 5% following the French
liquid products distributor's better-than-expected FY results
    ** Rubis reports FY EBITDA up 19% y/y to 798 million euros 
($872.29 million), above its own guidance of 690-730 million
euros, on sales falling 7% to 6.63 billion euros
    ** Portzamparc says results comfortably exceed its
expectations, pinning this mostly on good end-yr volumes for
Retail and Marketing division, good performance in the Caribbean
zone, compensation on lost profits in Madagascar, and still
solid unit margins
    ** It deems the release solid, and even if EBITDA and EBIT
got some one-off boosts, it says the performance adjusted for
that is still excellent
    ** Portzamparc expects consensus expectations to be raised
following the results
    ** The brokerage itself raises its forecasts for 2024 EBITDA
to 749 million euros (vs prev 705 million euros)
    ** It flags the stock's weak 2024 valuation, which it says
is at 7.3x PE, 6.9x EBIT
    ** The shares touch their early June levels and head for
their best day in 17 months

($1 = 0.9148 euros)

 (Reporting by Piotr Lipinski)
 ((piotr.lipinski@tr.com))