Zumtobel confirmed at BUY, TP EUR 10.5 - Stronger than expected Q4 dynamics bode well for next year
Preliminary FY 20/21 figures revealed a stronger than expected operational uptick in Q4, with the bottom line additionally benefiting from a non-recurring tax gainWe assume that the improvement of the order situation, which reached on inflection point earlier in the year, has continued recently
We reiterate our stance that the positive top-line momentum is essential for Zumtobel to retain the benefits of the cost-cutting measures and to deliver higher earnings and a better profitability
The valuation remains very attractive with EV/EBITDA of just 3.7x on FY 21/22e, falling to 3.3x on FY 22/23e
We confirm the BUY recommendation with an upward revised target price of EUR 10.5 (EUR 9.0)
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.
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