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VSVS - Vesuvius News Story

414.8p -1.0  -0.2%

Last Trade - 9:08am

Sector
Industrials
Size
Mid Cap
Market Cap £1.13bn
Enterprise Value £1.49bn
Revenue £1.79bn
Position in Universe 386th / 1849

UPDATE 1-BUZZ-Vesuvius: Hits lowest since Nov 2016 on weak earnings outlook

Tue 15th October, 2019 10:18am
(Updates share movement, brokerage estimates)
    ** Shares of industrial process furnace & ovens maker
Vesuvius Plc  VSVS.L  fall 12.3% to 365.2 pence, their lowest
since November 2016 after co warned that challenging market
conditions it had faced in the first half continued into H2 2019
    ** Co expects FY EBITA between 180 mln pounds ($227.90 mln)
and 190 mln pounds, compared with Jefferies estimates of 199.7
mln pounds, citing weaker end markets, particularly in the EMEA
region  urn:newsml:reuters.com:*:nASP00183C
    ** Current earnings outlook is about 9% below market
consensus 
    ** Both steel and foundry divisions in EMEA have been
affected by a continuing weakening in their key end markets -
Vesuvius 
    ** "Remain confident in our ability to achieve a 12.5%
return-on-sales, although this is unlikely to be delivered until
we revert to long-term growth trends," Vesuvius says
    ** In July, co posted a H1 profit before tax of 78.6 mln
pounds down from 87.8 mln pounds a year ago  urn:newsml:reuters.com:*:nASP0014U0
    ** Current avg analyst rating on the shares is "buy" and
median analyst price target is 600 pence - Refinitiv data
    ** More than 1.2 mln shares change hands, compared with
30-day average of about 617,732 shares
    ** Stock down nearly 18% this year, as of Monday's close

 (Reporting by Shanima A in Bengaluru)
 ((shanima.a@thomsonreuters.com))
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