DAVY VIEW

Wienerberger celebrates its 200th anniversary this year. Third- quarter results confirm the group is on track to mark the milestone with a significant increase in earnings. Q3 adjusted EBITDA rose 18% year-on-year, and full year guidance for a significant increase in profits has been reiterated. This progress is supported by the benefits from the ‘Fast Forward 2020’ initiative, which continues to deliver to plan. Wienerberger’s operational improvement is finally being recognised by the equity market with the stock now up one-third year-to-date. However, with the stock trading on just over 6.5x the current year EBITDA forecast, it remains keenly valued and there should be further to go into next year.