Zumtobel confirmed at BUY, TP EUR 11 - Model update post Q1: Upward revision of estimates and TP
Zumtobels Q1 results certainly lend credibility to the FY 21/22e targetsThe semiconductor shortage and cost inflation are headwinds but demand is good and price hikes have been implemented
At the upcoming Capital Markets Day the management will outline the mid-term growth strategy
We maintain the BUY rating amid a slightly increased target price of EUR 11
The pillars for our positive stance remain unchanged: 1) demand growth due to a late-cyclical recovery, realisation of postponed projects and carbon-neutrality trends, 2) an operating leverage driven earnings/profitability improvement on the back of a streamlined cost base, 3) restoration of the track record bringing the stock back to investors radar screens and 4) a compelling valuation
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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