Navigator : Upgrading to Neutral on better risk-reward proposition and tissue expansion
>Integrating recent acquisition in the UK’s tissue market - We are updating our estimates on Navigator after the successful acquisition of Accrol in the UK (one of the leading independent tissue converters for € 152m, 5% of the group’s market cap) with estimated sales of € 240m in 2024 (c.11% of Navigator’s 2024e sales). The transaction (EV of € c.220m, 9x EV/EBITDA LTM) strengthens its position in the attractive tissue market in Western Europe, particularly to the pr...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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