Masterplast - Calm after the storm
After incorporating recent guidance raise and announced projects, we raise our 12-month
target price to HUF 4,850 and cut our recommendation to Accumulate from Buy,
considering lower implied upside and an expected slowdown in coming quarters as the
Company finishes said projects.
Supportive macro background in key regions is expected to keep up the demand pull in
coming quarters, while evergrowing need for energy-efficiency only improves the outlook.
Volatility in input prices remain a key risk however, although the Company was able to
pass those extra costs through for now.
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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