Synthetic MR: Q2, COVID-19 hampering performance - SEB

The Q2 results showed sales and earnings clearly below SEB expectations (no cons) with the COVID-19 pandemic continuing to hamper performance in certain markets. No projects have been cancelled but will instead be completed later than initially planned according to company comments. Mechanically, the Q2 numbers lead to downward revisions of c. 12% to FY 2021 adj. EBIT estimates. Shares likely to be pressured in initial trading.

https://research.sebgroup.com/corporate/reports/109329