Key Points Above-consensus Q3’25 EBITDA and EPS. Q4 guidance below consensus primarily on the back of tepid demand and seasonality Cash generation strong with USD447m operating cash flow and USD375m free cash...
Key Points Share price decline overdone, valuation cheap, and debt levels manageable See company organically being able to pay down debt. If need be, asset sales could further accelerate debt paydown We rate...
Key Points Above-consensus Q2’25 EBITDA and EPS. Q3 guidance below consensus primarily on the back of tepid demand and inventory reduction Q3 self-help benefits to be more than offset by demand weakness....
Key Points Share price decline overdone, valuation cheap, and debt levels manageable See company organically being able to pay down debt. If need be, asset sales could further accelerate debt paydown We rate...
Key Points Above-consensus Q1’25 EBITDA and EPS. Q2 guidance mid-point in line with consensus. Free cash flow generation ahead of estimates H2 earnings expected to be better than H1 on self-help alone....
Key Points Share price decline overdone, valuation cheap, and debt levels manageable See company organically being able to pay down debt. If need be, asset sales could also accelerate debt paydown We are...
Key Points Risk/return still not that attractive. Medium-term debt payments could present an issue AC segment may witness margin compression in 2025 resulting in earnings headwinds – something not fully appreciated by...