Update: Strong growth acceleration in Q3
Balda’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 Balda’s restructuring may result in further charges (€2.4m in Q3), but revenue growth looks likely to surprise on the upside. Using DCF, we value Balda at €221m/€3.76 per share, of which financial reserves comprises 87%.
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