Tessenderlo falls as FCF and outlook come below expectations

Tessenderlo NV

23/03/2023 13:14

** Shares in Tessenderlo  TESB.BR  fall 3.9% after the
Belgian chemicals group reported lower annual free cash flow and
gave conservative guidance for 2023
    ** The group reports 2022 FCF of 156.6 million euros ($170.3
million), a decrease of 17.1% compared to a year earlier, and
proposes a dividend of 0.75 euro per share 
    ** It expects 2023 adjusted EBITDA to be lower than the 2022
pro forma adjusted EBITDA of 467 million euros
    ** Stijn Demeester from ING says Wednesday's fall is a
"combination of in-line full-year results, lower than expected
free cash flow and outlook, and a dividend which might be at the
low end of expectations, with an initial yield of 2.45%"
    ** The shares are on track for their worst day since March
31, 2022

($1 = 0.9198 euros)

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