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Nyhetsflöde Glaston

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4/30/2021 7:37:08 AM - Glaston: Recovery ongoing but still work ahead - Danske Bank - Glaston’s Q1 order intake improved 4% y/y continuing the ongoing recovery from the order drought during 2020. Especially the services business is set to improve going deeper into 2021E, as restrictions are lifted and Glaston can get back to servicing its installed machine base. We raise our order intake and sales estimates for 2021E and lift our fair value range to EUR1.0-1.20.
2/10/2021 9:00:27 AM - Glaston: Stage is set for 2021E recovery - Danske - Glaston's Q4 results were mixed, as sales missed by 3% but order intake was 5% above our estimate. Overall, guidance for 2021 was encouraging, as Glaston expects sales and comparable EBITA to increase y/y. A good improvement in order intake in Q4 20 suggests most of the COVID-19 related hardships may be over for the company.
2/2/2021 12:59:23 PM - Glaston: High risks remain, but some light at the end of the tunnel - Danske Bank - We expect Glaston’s Q4 report to be a lukewarm end to a difficult year, with sales up 10% q/q but still down 17% y/y. Even though Glaston raised its order intake outlook for Q4 20 in December, this won’t translate into sales until Q2 21 at the earliest, in our view.
10/29/2020 6:40:35 AM - Glaston: High risks but positive signs in Insulating Glass - Danske Bank - Glaston’s Q3 orders and revenues were below our estimates. The outlook for the main businesses is increasingly diverging, with Insulating Glass performing well but Heat Treatment unlikely to recover soon. We have cut 2021E EBIT by 3%. We view Glaston as a high-risk case with re-rating potential if performance improves (EV/sales only 0.5x).
10/27/2020 3:43:32 PM - Glaston: First impressions - Q3 20 - Danske Bank - Conclusion<br>Q3 sales and orders were sharply below our estimates, but (low) earnings in line, thanks to cost-savings and synergies. We expect low orders to drive cuts to 2021 consensus estimates and expect a negative reaction for the shares (-5% or more). The performance was better in Insulating glass (driven by residential construction) but weak in Heat Treatment i.e. safety glass (more exposed to commercial construction). Consequently, Glaston sees a clear need to adapt Heat Treatment business to current market demand. Automotive remains weak due to overcapacity. In our view, it seems that a sustainable recovery in Glaston's business remains uncertain, despite decent performance of Insulating Glass. ND/EBITDA (LTM) rose to &gt;3x and balance sheet becomes a risk unless earnings improve.