MAREL HF : Rating update and preview in one
>TP lowered to €3.50, Outperform maintained - We keep our Outperform rating but lower our PT from €5.40 to €3.50 per share, reflecting a higher WACC (a change of analyst left a coverage gap of >6 month) and a slower EBIT margin improvement trajectory. Higher interest rates are expected to result in longer sales cycles and perhaps delays, meaning the expected recovery in order intake and thus sales may be hampered. However, profitability will improve in the coming 4-5 ...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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