Befesa

Jefferies cut its price target for Befesa from €45 to €44 but kept its rating at "Buy", warning of a weaker third quarter. UBS raised its target from €47 to €50 ahead of results, expects about a 1% rise in steel-dust throughput in Q3 and anticipates the full-year outlook will be confirmed. Befesa shares fell in XETRA trading by as much as 3.89% to €34.60. » More on finanzen.net

Befesa increased adjusted EBITDA in the first half by 11% to €124m and net profit by 12% to €45m, while revenue was slightly down on a currency-adjusted basis. The margin improved from 19% to 21%; management reiterated the full-year guidance of €250–270m EBITDA and expects stronger momentum in the second half. Technically, the stock trades above all major moving averages, the RSI is around 60 and the annual high near €37.50 is coming back into reach; analyst targets go up to €45. The next test will be the nine-month figures on 29 October. » More on finanzen.net

Befesa reported a 3.8% increase in revenue for the second quarter to about €304 million and an adjusted EBITDA that rose roughly 17% to €66 million, around 5% above market expectations. Quarterly profit climbed 13.5% to €24.3 million. Drivers were the volume ramp-up in the US, better capacity utilization and a favorable metal price environment; the group reaffirmed its full-year forecast for adjusted EBITDA of €250–270 million (+3–11%). The share reacted positively and is up almost 19% year-to-date, with a twelve-month gain of roughly one third. » More on finanzen.net