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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.

The share is still down from pre-COVID-19 levels and valuation looks attractive at 2021E EV/EBITDA of 6.9x.
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