Semperit confirmed at BUY, TP EUR 33.5 - The quest for the next trigger
Semperits share price performance largely reflects the re-setting of expectations for SempermedGlove prices peaked over spring. Industry intelligence suggests a price normalisation in Q1 or early Q2 22 at levels north of the pre-pandemic level
We identify convincing M&A or dividend clarity as potential triggers. Both lack visibility at this stage
Fixing the return dilution of Sempertrans remains another optionality in the investment case
We continue to see compelling value in Semperit shares at P/B of 1.1x and EV/EBITDA of 4.4x
We retain the BUY call but cut the TP to EUR 33.5 from EUR
Semperit is a holding company, engaged in developing, producing and selling specialized rubber and plastic products for the medical and industrial sectors. Co. has 20 production facilities in 12 countries. In addition, Co. operates a distribution network with branches in Asia, Europe and North and South America. Co.'s products are sold to providers in the medical and industrial sectors, who are supplied with specialised rubber and plastic products. Co.'s main product categories include examination and surgical gloves, hydraulic and industrial hoses, conveyor belts, escalator handrails, construction profiles, cable car rings, ski foils and products for railway superstructures.
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