AMAG confirmed at HOLD, TP EUR 38.5 - Record earnings in FY 22 likely to mark a peak
Following a convincing starting quarter into FY 22, where earnings were held back by delayed upstream shipments, AMAG appears on track to reach a record EBITDA north of EUR 200 mnWe have raised our profit forecasts. However, we have also pencilled in higher net debt assumptions on the back of mostly price-induced higher NWC consumption
We maintain the HOLD rating with a new target price of EUR 38.5 (EUR 41)
AMAG Austria Metall is a holding company, engaged in the production of primary aluminum, as well as cast and rolled aluminum products. The metal division is responsible for the risk management and steering of the metal flows. The casting division recycles aluminum scrap to produce foundry alloys. Its product portfolio covers aluminum materials tailored to customer requirements in the form of ingots, sows and liquid aluminum. The rolling division is responsible for the production and sale of rolled products, and precision cast and rolled plates. The service division include facility management, energy supplies, waste disposal, and purchasing and materials management.
The Institutional Equity Research team of Raiffeisen Bank International AG covers 85 stocks from Austria, Central & Eastern Europe with sell-side research and thus levers our local broker status with excellent company relationships. For corporates in Austria, CEE and Western Europe, we offer co-sponsored research, which includes research coverage and marketing activities to investors. Additionally, through our Spotlight Research product we also shed light on leading European small and micro-caps, seeking greater visibility with investors.
The Institutional Equity Research team consists of roughly 15 analysts, both in Vienna and the CEE countries. Our analysts provide long-standing sector expertise in tandem with profound local market know how and a sectoral approach across the entire region.
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