MAREL HF : Board is right in rejecting the offer, JBT likely to bump to €3.30-€3.40
>Board is right in rejecting the proposed offer as it undervalues MAREL - Yesterday the MAREL board rejected the €3.15 offer, and we think they were right. The proposed offer values MAREL at a 2024 EV/adj. EBITDA of 9.2x (incl. synergies of 2.5% of MAREL sales, 10.6x excluding synergies), which is a 27% discount versus JBT’s own 12.6x 2024 EV/EBITDA. It is also low versus the historic 2019-2022 MAREL EV/EBITDA of MAREL of 15.9x (year-end) and the average forward looki...Marel hf is an Iceland-based holding company active within the food industry. It is primarily engaged in providing equipment, systems and services for the poultry, meat and fish processing industry. The Company activities are divided into following segments: Poultry, including processing systems for broilers, turkeys and ducks; Fish, providing equipment and system for processing whitefish an salmon; Meat, including systems and services to the red meat industry, such as deboning and trimming, case ready and bacon processing; Further Processing, including portioning and forming, marinating, coating, frying, cooking and sausage making; and More Foods, including systems and services to processing such foods as vegetables, fruit and cheese. The Company's distribution network includes sales and service units in over 30 countries. The Company operates Sulmaq Industrial e Comercial SA as subsidiary.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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