Norbolsa| The company presented full year results, with revenues exceeding estimates to €3.825M (21% versus FY22 and +4% against FY23e), thanks to higher sales in both rail (€3.006M versus €2881M) and buses (€819M versus €804M). Margins improved to an EBIT margin of 4.7%, in line with expectations, in what seems to be a recovery for Solaris. Net profit was +13% higher than expected at €89M (€77M FY23e), thanks to financial income at the end of the year. DFN was €256m, below expectations, with a DFN/EBITDA ratio of 0.9x. In terms of guidance for 2024, the company expects sales growth of +10%, profitability improvement vs. 2023, BtB ratio above 1x and DFN/EBITDA ratio stable vs. 2023.
CAF’s 2023 turnover to be €3,825m, up 21%, due to higher sales in both rail and buses
