The stock falls on the Stock Exchange Rest, which at the beginning of the afternoon lost 5,8%, to 8,475 euros. The sales were triggered by the disappointment of the operators for 2015 targets lower than analysts' forecasts: revenues between 4,3 and 4,4 billion and a gross operating margin between 370 and 380 million.
“The consensus estimated 4,450 billion in revenues and around 390 million in ebitda – explains an analyst – therefore the objectives are slightly lower even if not such as to significantly change investors' approach to the stock”.
Furthermore, in the first quarter, the company recorded losses of 40,4 million (down from -37,1 million in the period January-March 2014), while revenues rose by 9,9% to 893,5 million.