Vidrala : Valuation premium endures, Neutral stance reiterated after energy crisis climax
>Estimates and target price upgraded following energy crisis climax - We are updating our estimates for Vidrala (EBITDA 2023e +13%, +5% 2024e) and significantly raising our target price (+12%) to € 92 (DCF, 8.7x implied EV/EBITDA 2023e) following a stronger-than-expected close to the year and better prospects for 2023 (higher prices, lower energy costs). We are also adjusting our model to reflect the accounting reclassification (energy costs and emission rights shift...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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