Wienerberger - Full-year guidance confirmed following good Q3 results

Davy Research
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Wienerberger is on the move. Q3 EBITDA was up 16% on the same quarter in 2017 with growth achieved in all three reporting units. As expected, the updated full-year adjusted EBITDA guidance provided in early October was confirmed. Hence the group is on track to deliver double-digit EBITDA growth this year. Successful delivery of its ‘Fast Forward 2020’ project can then spur a real step-change in earnings in 2019 and 2020. The stock’s rating, however, continues to imply that little of this growth is priced in. We believe this is harsh and reiterate our ‘Outperform’ recommendation.