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MarketScreener Homepage  >  Equities  >  Swiss Exchange  >  Geberit AG    GEBN   CH0030170408

GEBERIT AG

(GEBN)
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Geberit : sees improving construction sector after second quarter profits sink

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08/18/2020 | 01:29am EDT
Logo of shower toilet and plumbing supplies maker Geberit is seen in Rapperswil-Jona

Geberit expects the construction sector to return to normal in the second half of the year provided there is not another wave of COVID-19-related lockdowns, the plumbing materials company said on Tuesday.

The outlook came after the company, whose bathroom products are used in new build and refurbishment projects, reported lower profit during its second quarter after it was hit by the closure of building sites and showrooms.

Geberit said its second quarter operating profit fell 20% to 161.9 million Swiss francs ($178.84 million) while net income dropped 24% to 131 million francs.

The Swiss company, whose results are seen as a proxy for the health of the broader construction sector, had previously announced a 16% drop in sales during its second quarter.

"Provided there is not another wave of lockdowns, management expects the construction industry to continue to return to normal during the second half of the year," the company said.

But projects delayed or halted by the pandemic, along with the temporary closure of its showrooms, would continue to weigh on demand during the second half of the year, the company added, particularly in the non-residential sector.

As a result, Geberit expects its currency-adjusted net sales in the second half of the year to be slightly below the level of the second half of 2019, and, for the full year 2020, an operating cashflow margin slightly below the previous year's level.

(Reporting by John Revill; editing by Brenna Hughes Neghaiwi)


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Financials
Sales 2020 2 839 M 3 137 M 3 137 M
Net income 2020 577 M 637 M 637 M
Net Debt 2020 459 M 507 M 507 M
P/E ratio 2020 34,0x
Yield 2020 2,03%
Capitalization 19 588 M 21 589 M 21 644 M
EV / Sales 2020 7,06x
EV / Sales 2021 6,73x
Nbr of Employees 11 474
Free-Float 96,1%
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Mean consensus HOLD
Number of Analysts 18
Average target price 486,47 CHF
Last Close Price 547,80 CHF
Spread / Highest target 14,1%
Spread / Average Target -11,2%
Spread / Lowest Target -35,0%
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Managers
NameTitle
Christian Buhl Chief Executive Officer
Albert M. Baehny Non-Executive Chairman
Martin Ziegler Head-Operations
Roland Iff Chief Financial Officer
Felix Klaiber Head-Technology & Innovation