We expect to decrease EBITA estimates by 3-2% for ‘21e-‘23e on isolated numbers. However, CBTT has seen a sharp increase in order intake (49% y-o-y and 28% y-o-y organically) in Q2 with a favourable product mix, providing good conditions for recovery during the second half of 2021.
Final thoughts
The share is up 1% last 3m and is currently trading at 12x ‘22e EV/EBITA while offering a ‘22e-‘23e lease adj. FCF yield of 8-10% on our pre-report estimates.
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