Mayr-Melnhof cut to HOLD, TP EUR 150 - Taking a breather - even on a great company
Mayr-Melnhof delivered another convincing earnings performance in 2Q, underpinning the resilience and quality of the business model. We have been long-standing advocates of the investment case but bearing in mind the strong share price performance (total return ytd +26% vs. ATX -29%) and the stock reaching another all-time high yesterday, it currently lacks further sufficient upside potential, in our view. We downgrade Melnhof to HOLD from BUY with a new target price of EUR 150 (vs. EUR 132 before).Mayr-Melnhof Karton and its subsidiaries are primarily engaged in manufacturing and selling cartonboard and folding cartons with a focus on Europe. Co.'s business segments include: Mayr-Melnhof Karton, which is engaged in the manufactures and markets numerous grades of cartonboard, concentrating on coated cartonboard produced predominantly from recovered paper as well as virgin fiber-based cartonboard; and Mayr-Melnhof Packaging, which is engaged in converts cartonboard into industrial printed folding cartons mainly for the food industry, other consumer goods industries, and into cigarette packaging as well as confectionary packaging.
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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