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BASIC INDUSTRIES: Wienerberger (WIEAV Baa3/NR/NR): 3Q24 Results

BASIC INDUSTRIES
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Small credit negative.

  • Wienerberger reported revenue +9% YoY due to M&A activity. Organic growth was -5%; volume -2%, price -3%.
  • Adj. EBITDA fell 13% organic, even after good efficiency gains. Margin stands at 17% down from 18.6% YoY. Cost inflation was low overall with labour costs offset by lower raw materials.
  • YTD FCF of €174mn. Net debt ~€200mn lower over the same period at €1.7bn. We see adj. leverage at 2.1x.
  • FY24 adj. EBITDA guidance cut by 6% at midpoint. 4% below consensus. Recovery in new residential housing is expected to be slower than previously expected.
  • Webcast replay https://event.choruscall.com/mediaframe/webcast.html?webcastid=nzJq3I6z
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Small credit negative.

  • Wienerberger reported revenue +9% YoY due to M&A activity. Organic growth was -5%; volume -2%, price -3%.
  • Adj. EBITDA fell 13% organic, even after good efficiency gains. Margin stands at 17% down from 18.6% YoY. Cost inflation was low overall with labour costs offset by lower raw materials.
  • YTD FCF of €174mn. Net debt ~€200mn lower over the same period at €1.7bn. We see adj. leverage at 2.1x.
  • FY24 adj. EBITDA guidance cut by 6% at midpoint. 4% below consensus. Recovery in new residential housing is expected to be slower than previously expected.
  • Webcast replay https://event.choruscall.com/mediaframe/webcast.html?webcastid=nzJq3I6z