Vicat hits 18-year low, rising energy to weigh on FY EBITDA

Vicat SA

12/10/2022 08:36

** Shares in Vicat  VCTP.PA  slump around 14%, to their
lowest pricer in over 18 years and heading for their worst day
in 23 years, after the cement and concrete supplier updated its
FY earnings outlook 
    ** Vicat now sees lower 2022 EBITDA than in 2021, and at
least equal to 2020, which reflects recent business trends and
increase in energy costs
    ** Oddo BHF says the expected figure is 11% below the
pre-warning consensus of EUR 628 mln ($610.54 mln)
    ** The group also announces further significant price
increases in France and Switzerland, countries in which the
dramatic increase in electricity prices in Q3 has had a very
adverse impact on the profitability, Oddo adds
    ** These "substantial price increases" could help to
partially offset the decline in volumes, the brokerage says
    ** "This profit warning really does not augur well for the
cement sector and particularly for those groups most exposed to
Europe, notably Heidelberg Materials but also Holcim," Oddo adds
($1 = 1.0286 euros)
 (Reporting by Clement Martinot)
 ((Clement.martinot@tr.com))