A strong uptick in MBE system deliveries only partly offset a reduction in evaporator revenue during H119, resulting in a 17% y-o-y drop in Riber's sales overall and a shift from €2.8m operating profit in H118 to €0.5m operating loss. Noting the relatively low gross margin in H119 and continued weak demand for evaporators, we have reduced our FY19 and FY20 PBT estimates by 59% and 33% respectively. We see scope for share price appreciation as investors gain confidence that Riber can convert the strong MBE system order book into a sustainable profit recovery.Den vollständigen Artikel lesen ...