AMAG confirmed at HOLD, TP EUR 41 ? Commodity price spreads beef up earnings outlook
AMAG has raised the FY 21 EBITDA guidance to EUR 155-175 mn from EUR 125-140 mn. We believe that in the current market environment there could be further upside to the target rangeH2 is usually the seasonally weaker semester, but persisting favourable spreads at Alouette and the scope for H2 downstream volumes being comparable to H1 paint a rosy picture
Alouettes earnings power could be peakish but we assume EBITDA/t to remain above historical averages
We have considerably raised our forecast throughout FY 23e
We increase the target price to EUR 41 from EUR 34.5 and maintain the HOLD rating
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.