MAREL HF : FY23 targets may prove to be too ambitious
>We applaud Marel for taking the long-term view - 4Q21 results came in somewhat mixed with Marel on the one hand posting another record order book (€ 569m) while at the same time seeing supply chain and inflationary pressures pushing 4Q21 reported Adj. EBIT 3% below consensus expectations. That being said, we appreciate that Marel is not taking the ST view in order to boost near term profitability (such as aggressive price increases and/or tight working capital condit...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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