Vidrala : Caution mode activated after recent margin volatility and valuation relief
>Downgrading to Neutral - We are lowering our recommendation on Vidrala from Outperform to Neutral following the recent share’s price recovery (+25% last 2 months) which corrected the previous undervaluation with the EV/EBITDA 12m fwd multiple above 9x (vs historical average of 9.3x). We are updating our estimates to reflect the recent acquisition of The Park (filling/logistic services in the UK) and our expectation for higher price rises for 2023 (+5% vs +0% previou...Vidrala SA is a Spain-based company principally engaged in the glass industry. The Company operates through two segments: Spain and European Union. The Company's activities include the production, distribution and sale of glass bottles and containers used in the food and beverages industries. The Company conducts its own research and development (R&D) operations. It operates production plants and melting furnaces located in such countries, as Portugal, France, Belgium and Italy. The Company owns such subsidiaries as Crisnova Vidrio SA, Inverbeira Sociedad de Promocion de Empresas SA, Gallo Vidro SA, Castellar Vidrio SA, Corsico Vetro SRL, MD Verre SA, Omega Immobiliere et Financiere SA, Investverre SA and CD Verre SA.
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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