Concorde Securities - Masterplast (MASTERPLAST) Masterplast - Decent Results, Strong Margins, FX Gain And Inventory Build

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Concorde Securities

Gabor Pentek

Masterplast - Decent Results, Strong Margins, FX Gain And Inventory Build

Masterplast released figures in-line with expectations as seasonally stronger Q2 kept EBITDA at FY22 guidance run rate. Quarterly revenue equaled comparable quarter last year (i.e. lower volumes), a positive in our view, considering one-off healthcare sale and pre-war sales in Ukraine in 21Q2. Group EBITDA came in at EUR 8.4 mln, flattish y-o-y and a slightly lower margin (14.6% vs 14.9% y-o-y) due to higher input costs, lower high-value-add sales (i.e. healthcare). Strong bottom line came solely from exceptional FX gain, adding over EUR 2.5 mln in the quarter.

28/07/2022 5 EN

Underlying

Masterplast

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.

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HU0000093943 Budapest Stock Exchange Hungary

Provider

Concorde Securities

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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Analysts

Gabor Pentek

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Masterplast - Decent Results, Strong Margins, FX Gain And Inventory Build

Masterplast - Weak Q4, Gloomy Short-term Outlook

Masterplast - Masterplast Cuts 2022 Forecast

Masterplast - Sales Below Guidance Run Rate, Margin Pressure And FX Gains

Encouraging top line with weak profitability, while Mobility outperforms

Consistent growth in Q3, net profit boosted by Spanish network sale

Record net profit in Q3, guidance maintained

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