Progroup AG : Change of splendid industry fundamentals is unlikely in the short-term

Progroup enjoys splendid industry fundamentals, namely 1/ growing volumes, 2/ elevated, although now rather flat, sales prices and 3/ low and prospectively stable raw material prices given the Chinese waste import ban, which impacted recovered paper prices. - A normalisation of these factors cannot be ruled out, but is not foreseen by us in the next few quarters. - Progroup achieved record LTM EBITDA in June 2018 and solid rating-adjusted net leverage of 2.1x, which is below manageme...