Salvatore Ferragamo on top of the Ftse Mib, Prysmian in the rear. In both cases, the performance is determined by the quarterly accounts published on 12 November after the markets are closed.
Let's start with fashion. Ferragamo shares gain 2,9% to 18 euros, a performance in stark contrast to that of the Ftse Mib, which in mid-morning sells more than 1% of its value. The actions are driven by the new estimates for 2019, revised upwards, and the results above the expectations of the margins. In detail, the Florentine house closed the 9 months of 2019 with revenues of 994 million, up 2,3% at current exchange rates and 1,9% at constant exchange rates compared to the same period of the prior year. However, taking into consideration only the period July-September 2019, turnover fell by 2,9%.
The net profit for the period excluding IFRS16, including minority interests, is stable at 65 million euro (-0,5%) for the first nine months of 2019, while the net profit attributable to the group excluding IFRS162 drops from 64 to 63 million (-1,5%).
According to Equita, the accounts presented by Ferragamo are better than expected especially as regards margins "supported more than expected by the channel mix, less discounts, product mix and exchange rates".
As regards the whole of 2019, the turnover should reach 1,37 billion, while the ebitda, excluding the IFRS impact, at 200 million euros.
Moving on to industry Prysmian collapses, which returned to trading after a suspension in the volatility auction, lost more than 7% to 18,96 euros despite the 9-month net profit rising by 53,4% to 273 million against revenues that increased by 0,3% 8,64 billion. The group confirmed its guidance for the full year which envisages an ebitda in the range between 950 million and 1,02 billion with a free cash flow of 300 million (with a variation both upwards and downwards of 10%) after 90 million in restructuring costs.
The net result weighs on the title, judged disappointing by the consensus. Not only. During the conference call, the number one of the company, Valerio Battista, announced that the 2019 EBITDA will settle in the lower part of the indications previously provided.
