Noratis remains firmly on a growth path. Accelerating development of its asset base (the stock book value was up by over half in H218 at €176m) was followed by news that fundraising options for further expansion are under review. Although this should underpin strong long-term prospects, a typical two-year lead time for asset value enhancement explains apparently measured guidance for 2019 (maintained EBIT on higher revenue). Timing was also a factor last year as H2 bias of high-margin asset sales drove a 30% rise in adjusted EBIT, more than making up for a first-half shortfall. A generous dividend policy is being maintained despite growth ambitions.Den vollständigen Artikel lesen ...