Pegas will publish its results for 2006 before the market opens (9:30 CET). We expect the results to be poorer than they were in 2005, for two reasons: a rise in the price of polymers and a rise in interest expenses because of debt taken on in late 2005. We forecast that Pegas's EBITDA in 2006 will amount to 41.3 mn EUR (+1.4% y/y). As absolute EBITDA should almost stagnate and sales should rise, the EBITDA margin should fall to 33.8% (-3.4 p.p. y/y). We expect net income to amount to 21.4 mn EUR (-19.7% y/y).
th.EUR 2006 y/y 2005 Market
Sales 122,000 11.4% 109,491 121,200
EBITDA 41,259 1.4% 40,680 41,400
margin 33.8% -3.4 p.p. 37.2% 34.2%
NI 21,386 -19.7% 26,637 21,200
EPS (EUR, ann) 2.3 -19.7% 2.9 2.3