MAREL HF : Solid end to FY22 with an 11% adj. EBIT beat
>Meat surprisingly strong; FCF turning positive - Marel reported a solid set of 4Q22 results with sales, EBIT, and FCF all beating our and Vara css estimates. The company reported 4Q22 adj. EBIT of EUR 60.9m (+35% beat vs css) translating in a FY22 adj. EBIT beat of 11% (adj. EBIT margin 12.4%, sequentially up from 10.3% in 3Q22 and 6.3% in 2Q22). Marel is clearly starting to benefit from its pricing actions, headcount reductions and its continued strong order book (€...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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