The construction and adhesives chemist Sika generated turnover of 8.91 billion francs over the first nine months of the year, up 5.5%. The situation remained difficult in the Asia/Pacific region, where revenues eroded.
The 5.7% acceleration in revenues in the Europe, Middle East and Africa zone to 3.88 billion francs and especially that of 9.4% in the Americas, to 3.13 billion, more than made up for this slight decline. organic in oriental markets.
On the product side, the vivacity of the core construction business – with an increase in revenue of 7.6% to 7.62 billion – easily eclipses the contraction of 5.1% to 1.30 billion in sales of industrial adhesives and sealants .
The rise in profitability outpaced that of revenues, with operating margin before interest charges, taxes, depreciation and amortization (Ebitda) gaining 1.3 percentage points to 19.1%. The related result thus jumped by 13.2% to 1.7 billion francs, when the net profit soared by a good quarter to 922.6 million, according to a report released on Friday.
Almost compliant
The flurry of figures somewhat misses the mark of the consensus of the AWP agency, still falling at the bottom of the projection range.
Management is renewing its ambitions for the entire financial year. Sales growth in local currencies should be between 6% and 9% and Ebitda should show a “more than proportional increase”.
The growth envisaged in the short term therefore aligns perfectly with the roadmap for 2028, which provides for a gross operating margin of 20 to 23% by this time.
Analysts half-heartedly admit to having erred on the side of optimism and for the most part maintain their purchase recommendations for Sika shares. “If some might consider the flurry of figures rather light, we do not share this point of view,” asserts Pascal Laager, for Berenberg.
Zana Mamelli, at Baader Helvea, notes that most of the growth is based on acquisitions made, but considers that the modest performance of the stock since the start of the year has now absorbed its excessive valuation at the time.
As midday approached, the registered Sika gained 0.1% to 248.20 francs, after having visited both sides of the balance and in an SMI up marginally by 0.08%.
This article was automatically published. Sources: ats/awp
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