WashTec: HSBC ups to "buy" on resilience, recovery potential

Washtec AG

16/04/2020 09:55

** HSBC raises car wash equipment maker WashTec  WSUG.DE  to
"buy" from "hold", citing a good combination of resilience and
recovery potential
    ** The broker believes a solid recovery scenario post-2020
to be likely, as it sees the company's strong position in its
core market Europe and its leading-edge technology "as secure
and unaffected by the current economic turmoil"
    ** It sees sales surpassing the 2019 record level and EBIT
margin back to double digits in 2022
    ** The broker also cuts its PT by 21% to EUR 45, implying an
upside of 22% to current levels after the drop in share
valuation
    ** Shares in WashTec have lost over 30% ytd




 ((Linda.pasquini@tr.com))