Report
Eric Wilmer

MAREL HF : No more need to be chicken (Upgrade to Outperform)

>Marel was a name to avoid when global supply chain stress was peaking - Marel has not been spared the effects of external hiccups impacting the business, including various animal diseases, US-China geopolitical tensions and the COVID-pandemic, as well as Russia’s invasion of Ukraine (the latter two in particular regarding their impacts on global supply chains). On top of that, Marel has been relatively late in passing on cost inflation to its customers (visibly impac...
Underlying
Marel hf.

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.

Provider
Oddo BHF
Oddo BHF

​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.

Analysts
Eric Wilmer

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