The market didn't like it downward revision marked by De Nora Industries on the expectations of revenues for the next few years and the stock moved lower to register a mid-morning a thud of more than 8%.
The company, which specializes in electrochemistry, sustainable technologies and the green hydrogen industry, this morning announced both its 2022 accounts and its strategic plan, while the board of directors announced its intention to propose the distribution of a dividend of €28 per share.
In 2022 ebitda +50% and backlog at all-time highs
Industrie De Nora communicated that it closed 2022 with growing revenues by 38,5% to 852,8 million euro with an adjusted ebitda up by 50% to 190,8 million and a Net income of 89,7 million, an increase of 34,9%. Also, the backlog reached 789,6 million, scoring a record in the company's history (up by 44,3% compared to 31 December 2021).
Revenues to 2025 revised downwards. Adjusted upwards instead the adjusted ebitda
All positive data which, however, have been overshadowed by the market, by the targets for 2025 with the revenue forecast revised downwards to 1.350-1.500 million euros, when previously the estimate was to reach 1.500-1.700 million euros. On the other hand, the guidance for consolidated adjusted EBITDA has been revised upwards to 250-280 million euros, from 230-270 million according to the previous estimate, with an incidence on revenues between 18% and 20% (previous forecast 15%-16%).
The stock loses more than 8%
Il title in Piazza Affari in the middle of the session it lost 8,38% to 18,05 euros, with a minimum reached at 17,93 euros, putting in the worst performance of the Milanese list (-0,62% the Ftse All Share and -0,66 % the Ftse Mib).
For 2023, revenues are expected to be €900-950 million, up on 2022, supported by the development of the Energy Transition division, expected to contribute €130-150 million, with a margin on revenues of around 10%. Consolidated adjusted EBITDA is estimated at 175-185 million, with a lower margin on revenues than in 2022, mainly due to a different product mix of the Electrode Technologies division, and a lower expected contribution from the pools line in the Water Technologies segment.
