Edison Investment Research - Balda (BAF) Initiation: Rich on cash and growth prospects

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Edison Investment Research

Initiation: Rich on cash and growth prospects

Balda is a leading international supplier of moulded plastic solutions to manufacturers of medical and technical products, counting key industry leaders as its main clients. Its buy-and-build strategy targeting advanced medical plastics is supported by its vast cash resources resulting from the sale of its mobile telephony assets in 2012. Using DCF, we value Balda at â‚¬221m/â‚¬3.76 per share, of which financial reserves comprises 87%.

23/04/2015 12 EN

Underlying

Balda

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Germany

Provider

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Other Reports on these Companies

Edison Investment Research

Update: Termination of coverage

Edison Investment Research is terminating coverage on Balda (BAF). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant.

January 5, 2016 January 5, 2016 1 EN

Edison Investment Research

Flash note: Proposed sale of all operating businesses

Balda has announced the proposed sale of its entire operating business for a net purchase price of â‚¬62.9m to Munich-based private equity company Paragon. The deal would leave Balda with a shell containing c â‚¬130m in cash. The agreement is subject to an approval by 75% majority at the AGM on 19 November, which will also decide on special dividends of â‚¬0.90 per share (independent of the sale) and â‚¬1.10 per share (dependent on the sale). Our forecasts and valuation are suspended pending the transaction.

September 25, 2015 September 25, 2015 2 EN

Edison Investment Research

Update: Strong growth acceleration in Q3

Baldaâ€™s growth acceleration in Q3 to 33% was driven by higher volumes to established customers and a 12% FX boost. Also, its Q3 EBITDA margin rose 3ppt to a new high of 11% on a recurring basis. The tail-end of Baldaâ€™s restructuring may result in further charges (â‚¬2.4m in Q3), but revenue growth looks likely to surprise on the upside. Using DCF, we value Balda at â‚¬221m/â‚¬3.76 per share, of which financial reserves comprises 87%.

May 19, 2015 May 19, 2015 3 EN

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Edison Investment Research is terminating coverage on Manx Financial Group (MFX). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant. Previously published reports can still be accessed via our website.

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January 10, 2025 January 10, 2025 1 EN

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Initiation: Rich on cash and growth prospects

Update: Termination of coverage

Flash note: Proposed sale of all operating businesses

Update: Strong growth acceleration in Q3

Manx Financial Group - Termination of coverage

musicMagpie - Termination of coverage

Topps Tiles - Accelerating growth through Q125

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