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Sika Meets FY Targets Though Guides For Slower FY24

CAPITAL GOODS


  • Q4 Rev broadly in line with slight misses on Op Inc and EBITDA of ~4% not feeding through to Net Income which was a ~5% beat.
  • FY targets met: +14.9% Local FX Sales vs. +15% target, FOCF/Sales of 12.2% vs. >10% target, +13% adj-EBIT vs. “over-proportional rise in EBIT” target.
  • EBITDA leverage of 2.6x from 1x at FY22 while FY OFCF beat consensus by 6.4%
  • FY24 guidance of +6%-9% Local FX Sales and “an over-proportional increase in EBITDA”
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  • Q4 Rev broadly in line with slight misses on Op Inc and EBITDA of ~4% not feeding through to Net Income which was a ~5% beat.
  • FY targets met: +14.9% Local FX Sales vs. +15% target, FOCF/Sales of 12.2% vs. >10% target, +13% adj-EBIT vs. “over-proportional rise in EBIT” target.
  • EBITDA leverage of 2.6x from 1x at FY22 while FY OFCF beat consensus by 6.4%
  • FY24 guidance of +6%-9% Local FX Sales and “an over-proportional increase in EBITDA”