Our attention directed towards demand situation comments
Consti expects its 2020 operating result to improve compared with 2019, which on our estimates should be achieved in Q3. After the profitability challenges during previous years and the now clearly stabilized profitability the focus of our interest is shifting towards net sales development. The near-term uncertainty brought by the demand situation is in our view currently the most pressing matter. Most of the demand, however, has not disappeared but instead seen delays or postponements, which remains a beneficial factor going forward.
BUY with a target price of EUR 10.0
We have not made changes to our estimates ahead of Q3. We retain our target price of EUR 10.0, valuing Consti at ~11x 2020 EV/EBIT, still clearly below peers. Arbitration proceedings for the St. George -project are still on-going and remain a risk, with the final arbitral award to be given by June 11th, 2021. Our rating remains BUY.
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