Fincantieri: Strong Growth Ahead but in Line - Kepler
Shares in Italian shipbuilder Fincantieri down 11 pct, on track for worst day in 30 months.
Co reported a rise in FY net profit to EUR 57 mln from EUR 25 mln a yr ago, proposed a dividend of EUR 0.01 /share
Fincantieri also approved its 2018-2022 business plan, targeting an increase in 2022 revenue of 50 pct vs 2017 and adj. net result of 3-4 pct.
Kepler Cheuvreux downgrades the stock from "buy" to "hold", says that strong growth is confirmed but in line.
Broker says that there are several sources of upside - e.g. potential "jumbo" awards in Australia and Canada - but it is difficult to predict the outcome.
After a strong run we prefer to stay on the sideline" adds Kepler.
