Italtile

Italtile FY HEPS -7% to 123c vs BB estimates of 120c & slighter better than the midpoint of guidance | Turnover flat (down -2% on a lfl basis | Trading profit -11% to R2.1bn impacted by Ceramic industries inefficiencies (offset by Ezee tile performance), E. Africa node social unrest & SA elections | EBITDA margin unchanged @ 29% impacted by deflationary pricing & price sensitive consumers | Total divi +140% to 127c | NAV +10% to 708c.
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