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Allgeier: Disappointing outlook

Allgeier published a forecast for 2020 yesterday. Sales are expected to be at the previous year’s level. The EBITDA margin should be around 10 percent to 12 percent. Without the Nagarro segment, a spin-off is planned here, sales should fall in the mid-single-digit percentage range. Without Nagarro, the EBITDA margin should be 6 percent to 8 percent. The market reacts disappointed to the outlook. The forecast is below market expectations.

At the end of August, the Baader analysts downgraded Allgeier shares from “buy” to “add”. They feel comfortable with that now. In the morning you confirm the “add” rating for Allgeier shares. The price target remains unchanged at EUR 65.00.

In the model of the experts, a turnover of 807.7 million euros is listed for 2020. In 2019, Allgeier generated sales of 784.2 million euros. Experts see adjusted earnings per share at EUR 2.00 in 2020.

Allgeier shares gain 3.0 percent to 55.40 euros at noon.

The company’s general meeting will take place today.

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