MAREL HF : Marel calls the bottom, but we believe it is too soon for bottom fishing
>2Q22 recap: Meat clearly underperforming - Marel’s 2Q22 results contained no major surprises on sales, EBIT or the order book after the company’s profit warning on 19 July. The main news was: 1) the company’s lowered FY23 EBIT target (see next paragraph): 2) meat being the massive underperformer; and 3) poor quarterly FCF (-€ 7.9m). For the sixth consecutive quarter, Marel reported a record order book (€ 694m corrected for M&A, € 774.5m including Wenger and Sleegers)...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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