Navigator : Diversifying from stronger roots. Upgrading to Outperform
>Upgrading to Outperform on better financial performance and valuation gap - We are upgrading our recommendation on Navigator from Neutral to Outperform and raising our TP from € 4.5 to € 5.0 (+11%: DCF, 7.5x implied EV/ EBITDA 2025e). Navigator’s share price has barely changed in 2024 despite the expected improvement in results and operating margins (EBITDA margin of 27.5% in 9M 2024 vs 25.7% in 2023) and their limited volatility across quarters thanks to the resili...Navigator and its subsidiaries are engaged in the production and sale of cellulose pulp and related products, the purchase of wood and agricultural and forest production, the harvesting of forests and the transport of wood from the forests to the plants, and the production and sale of electricity and thermal energy. Co. is also involved in the production of paper and derivative paper products.
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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