Concorde Securities - Masterplast (MASTERPLAST) Masterplast - Strong set of results to beat guidance

Report

Concorde Securities

Gabor Pentek

Masterplast - Strong set of results to beat guidance

Masterplast reported strong 21Q4 results to beat recently updated full year guidance of
EUR 190.3 mln. Revenues came in-line with our estimates (45.4 mln vs. our 45 mln
estimate, up 39% y-o-y), while EBITDA and net profit slightly below (missing our estimates
slightly by 6% and 8% respectively), but FY21 EBITDA margin still grew 2.9 ppts vs. last
year (+20bps vs. guidance).

03/03/2022 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 - Strong set of results to beat guidance

Masterplast - Weak Q4, Gloomy Short-term Outlook

Masterplast - Masterplast Cuts 2022 Forecast

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

CEE Banks – Great opportunities with different risk profiles

SECURING ENERGY INDEPENDENCE: OMV PETROM'S OFFSHORE DEVELOPMENT AND RENEWABLE EXPANSION

Model update – Favorable news flow ahead!

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