Edison Investment Research - Ringmetall (HP3) - Positive development despite headwinds

Report

Edison Investment Research

Andy Chambers

- Positive development despite headwinds

Ringmetall made good progress during H117, driven by strong growth in the key Industrial Packaging division. Margins are being dampened by higher input costs, while FX is reducing contributions on translation as well as pressurising export margins. The share price progression so far in 2017 suggests the market is finding the transition story increasingly credible, and is starting to rate Ringmetall more appropriately as the manufacturing entity it has become. Management is seeking to grow this further and the balance sheet remains supportive.

18/10/2017 4 EN

Underlying

Ringmetall

Ringmetall AG is a Germany-based company engaged in the investment in medium-sized manufacturing companies located in Germany, France, the United Kingdom, the Netherlands, Slovakia, the United States and Spain. The Company is mainly specialized in the metal processing and mechanical engineering industries. In the metal processing sector, the Company operates through its wholly owned subsidiary August Berger Metallwarenfabrik GmbH, which produces clamping rings. In the mechanical engineering sector, it operates through its wholly owned subsidiary Zimmer & Kreim GmbH & Co KG, which produces handling systems and offers software solutions for metal erosion machines. Further subsidiaries include Berger Metallwarenfabrik GmbH, Berger Verwaltungs GmbH, ZK (China) Company Ltd, Self Industries Inc., and Fidum Verwaltungs GmbH, among others.

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DE0006001902 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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Analysts

Andy Chambers

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- Positive development despite headwinds

DGAP-News: Annual General Meeting of Ringmetall AG resolves conversion into an SE

DGAP-News: Hauptversammlung der Ringmetall AG beschließt Umwandlung in eine SE

DGAP-News: Raw material prices and efficiency improvements lead to significant increase in revenues and earnings of the Ringmetall Group

Manx Financial Group - Termination of coverage

musicMagpie - Termination of coverage

Topps Tiles - Accelerating growth through Q125

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