Fedrigoni - comment

Following their recent jump, bonds will struggle to do any better on the Q126 release. Revenues in the LPCS division beat our expectations by €25m and carried the corresponding €7m beat through to EBITDAR. FSA fell slightly short of our forecast, but cost savings meant that also this division beat our EBITDAR expectations, to the point where combined EBITDAR is €10m better than model. CapEx was very disciplined, and WC presented less of an outflow, so that Cash now stands at a healthy €146mm.