Polytec confirmed at BUY, TP EUR 13.5 - Headwinds picking up in the short run - Q2 preview
Polytec is due to release Q2 figures on August 12We have lowered FY 21e revenues by 2% to EUR 568 mn and EBIT by 12% to EUR 29.6 mn while leaving FY 22-23e unchanged
We take a more conservative stance towards the short-term earnings prospects due to 1) temporary production adjustments by its OEM customers due to the semiconductor shortage and 2) the burden from the steep cost increase of pre-products and raw materials which is likely be more pronounced than previously assumed
In tandem we see these headwinds straining the benefits of the past restructuring measures in the short-run. However, we maintain the BUY recommendation and the target price of EUR13.5
Polytec is a globally operating corporation, based in Austria, focusing on the automotive and plastics industries. Co. is engaged in the development and manufacturing of high-quality plastic parts. In the automotive industry, Co. works as supplier of exterior and engine compartment components in the high-volume market segment as well as a supplier of original equipment and components for small and medium series. Co. is active as a full-service provider in the area of injection molding, as a specialist in fiber-reinforced plastic components, as a manufacturer of original accessory parts made from plastic and as a developer of tailor-made industrial solutions made of polyurethane.
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.
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