Glaston: High risks but positive signs in Insulating Glass - Danske Bank
Glaston’s Q3 orders and revenues were below our estimates. The outlook for the main businesses is increasingly diverging, with Insulating Glass performing well but Heat Treatment unlikely to recover soon. We have cut 2021E EBIT by 3%. We view Glaston as a high-risk case with re-rating potential if performance improves (EV/sales only 0.5x)..