Ain’t no mountain high enough…
We upgrade Masterplast to Buy from Accumulate and lift our 12M TP to 3,109 vs. the previously guided HUF 2,700 and pre-project announcement of HUF 1,488 due to (1) HU and Serb projects (2) better than exp. outlook and (3) lower liquidity discount thanks to the inclusion to the BUX index.
Masterplast’s mgmt. is very bullish on the new projects and underlying business for the next years. We believe there is a reason to act so, given the bottleneck in supply recently resulting in good pricing power while volumes also seem to stay strong. We hold the optimistic view of the mgmt. in the next years but expect a gradual deceleration from 2023 as we see lower pricing capacity and lower sustainable margins vs. mgmt. expectation.
Masterplast Nyrt is a Hungary-based company active in construction sector. The company is a producer and distributor of construction industry products. Its product portfolio includes facade insulation systems and components, roofing underlay and roofing accessories, bituminous corrugated sheets and shingles, thermal-sound and water insulation materials, dry construction elements, as well as plaster profiles and accessories, polypropylene foils and bags and foam tapes. It has two production plants, based in Kal, Hungary and Subotica, Serbia.The Company sells its products domesticaly and exports it to Estonia, France, Greece, the Netherlands, Italy, Latvia, Lithuania, the Russian Federation, Sloveania and Turkey.
Concorde Securities Ltd. is Hungary’s leading independent company engaged in investment banking activities. It provides its clients with integrated financial services, including securities trading, research, corporate financing advisory, capital market transactions, wealth management and investment advisory. The operational management of the company is the responsibility of the CEO, while the owners/managers (who control one-third of the company through their shares and options) are in charge of its strategic governance. Concorde Securities Ltd. is a member of the Budapest, Frankfurt, Warsaw and Bucharest stock exchanges, as well as of the Hungarian Association of Investment Service Providers.
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