Tessenderlo drops on 'clearly disappointing' results, guidance

Tessenderlo NV

27/03/2024 08:54

** Shares in Tessenderlo  TESB.BR  fall almost 8% after the
Belgian chemicals group posted weaker-than-expected FY results
and outlook
    ** FY revenue declined by 11.8% on a pro-forma base to EUR
2.93 billion euros ($3.17 billion) and EBITDA fell 31.8% on a
pro-forma base to EUR 318.7 million
    ** KBC Securities points to "much weaker than expected"
results, with EBITDA missing both the broker and company
consensus by 15% and 16% respectively, and revenue and net
profit also below expectations
    ** The group guided for FY24 adjusted EBITDA in line with
FY23 level, as it sees continued uncertainty over this year
    ** "We consider valuation to be attractive but the poor FY23
results and FY24 guidance are clearly a disappointment", KBC
notes
    ** The stock is on track for its worst day in 4 years if
losses hold
    
    


($1 = 0.9237 euros)