MAREL HF : JBT/Marel shareholders likely to approve the deal after Q4 earnings and updated 2024 and medium term guidance
>Rating to Accept the Offer from Outperform, pt to €3.60 - Given the weak Q4 2023 results and operational performance, the lowered 2024 adj. EBIT margin guidance (10%-11%, was 12%) and the slightly more cautious medium term guidance (14%+, was 14%-16%), we assume that JBT’s offer will be accepted by MAREL’s board and its shareholders and that JBT shareholders will also vote in favour of the deal. Based on the JBT share price of Friday ($103.3), the JBT offer values MA...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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