Concorde Securities - Masterplast (MASTERPLAST) Masterplast - Focus On Growth

Report

Concorde Securities

Gabor Pentek

Masterplast - Focus On Growth

Focus on growth

We update our 12-month target price to HUF 6,000 following recently announced new investments and share issue. We are optimistic for the Company, as Masterplast does not seem to give up on keeping up the exceptional growth trend of recent years, announcing significant expansion in core business as well as new directions. Our updated target price leaves 43% upside to last close, while it offers 36-50% upside over the pricing range of the SPO.
The Company is in a sweet spot, with demand supported by a growing need for insulation, state subsidies and strong regional presence. To supply this demand, the Company plans to double production in its main product, while starting XPS production, establishing new mineral wool division and finalizing medical products and modular buildings to offer new paths to grow.

21/10/2022 15 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 - Focus On Growth

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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