Rubis tracks best day in 17 months as FY beats expectations
** Rubis' RUBF.PA shares jump 5% following the French liquid products distributor's better-than-expected FY results
** Rubis reports FY EBITDA up 19% y/y to 798 million euros ($872.29 million), above its own guidance of 690-730 million euros, on sales falling 7% to 6.63 billion euros
** Portzamparc says results comfortably exceed its expectations, pinning this mostly on good end-yr volumes for Retail and Marketing division, good performance in the Caribbean zone, compensation on lost profits in Madagascar, and still solid unit margins
** It deems the release solid, and even if EBITDA and EBIT got some one-off boosts, it says the performance adjusted for that is still excellent
** Portzamparc expects consensus expectations to be raised following the results
** The brokerage itself raises its forecasts for 2024 EBITDA to 749 million euros (vs prev 705 million euros)
** It flags the stock's weak 2024 valuation, which it says is at 7.3x PE, 6.9x EBIT
** The shares touch their early June levels and head for their best day in 17 months
($1 = 0.9148 euros)
Reporting by Piotr Lipinski
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