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BASIC INDUSTRIES: Sika (SIKASW NR/A-[N]/NR): 1H24 Results

BASIC INDUSTRIES

Credit neutral results.

  • Revenue was in-line with consensus, as was organic growth at 0.5%.
  • Adj. EBITDA beat by 2%, up 24% with margins better albeit lower than 2H23.
  • 24% EBITDA growth flowed through to FCF which also improved 24% YoY to CHF401mn. Leverage unchanged from FY23 at 2.6x.
  • FY24 outlook confirmed.
  •  Call 14.00 BST https://event.choruscall.com/mediaframe/webcast.html?webcastid=y6x4mqR0

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