Zumtobel confirmed at BUY, TP EUR 10 - Model update post Q3: Trimming TP to EUR 10
Zumtobel presented convincing Q3 results and the management displayed confidence to reach the upper end of the FY 21/22 top line and profitability ranges, potentially even exceed themWe have raised our estimates for this year but foremost reflecting the highly inflationary cost environment and some sequentially more adverse FX movements we have now modelled a profit stagnation for FY 22/23e
While we adopt a more conservative stance on next year we believe that the beyond peak inflationary pressure further margin recovery is on the cards
The direct Russia/Ukraine exposure is insignificant but spill-over effects need to be considered
We maintain the BUY recommendation and trim the target price to EUR 10 from EUR 11
Zumtobel is a lighting company based in Austria. Co. offers a full-line range of integral professional lighting solutions, luminaires, light management systems and lighting components for indoor and outdoor applications. Co.'s business activities are carried out primarily through its subsidiary groups: the Lighting Segment (lighting solutions, interior and exterior lighting, electronic-digital lighting and room management systems) and the Components Segment (electronic and magnetic lighting components).
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.