Mayr-Melnhof confirmed at BUY, TP EUR 180 - A temporary dip does not jeopardise intact prospects
In the aftermath of strong Q3 results we confirm the BUY rating but have lowered the target price to EUR 180 from EUR 209Mirroring the general economic downturn also the groups trading conditions are getting more challenging and the management is vocal that de-stocking is going to put a lid on demand in the short term
With the bulk of its business being derived from non-discretionary customer industries, we do not expect a prolonged phase of subdued volumes
The major correction of waste paper prices currently observed should be margin-buffering shorter-term
It appears to us that the temporary dip is reasonably discounted when looking at current trading multiples vs. their multi-year medians
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.