Concorde Securities - Masterplast (MASTERPLAST) Masterplast - Incorporating 2021 results and guidance

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Concorde Securities

Gabor Pentek

Masterplast - Incorporating 2021 results and guidance

After a record-breaking year, we revise our estimates upwards and raise our 12-month
target price for Masterplast to HUF 5,800, implying 40% upside, therefore raising our
recommendation to Buy from previous Accumulate. We make changes to outer years on
the valuation horizon to reflect mgmt. guidance and changing macro backdrop. Although
the Company has some exposure to Ukraine, we believe the externalities like peak
material prices and strong demand subsidization can more than make up for the lost
sales.

19/04/2022 8 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 - Incorporating 2021 results and guidance

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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