VISCOFAN: SUBSTITUTION OF CASINGS BECOMES PARAMOUNT (ANÁLISIS BANCO SABADELL)
Substitution of casings becomes paramount. New T.P. € 74/sh. (+11% upside). BUYDespite the stock’s outperformance since its low this year, the return of volatility to the market means VIS remains one of our picks: (i) counter-cyclical nature of the demand for its business; (ii) leading position within an oligopoly; (iii) only one-stop shop; (iv) comfortable financial position; and (v) geographical diversification. We raise our sales’23e estimate by around +12% (+11% vs. 2022) and raise EBITDA’23e by +2.4% (+7% vs. 2022), although we will continue to see shrinking margins (-0.7pp vs. 2022). For the rest of the years we keep our estimates unchanged (CAGR’22-26e of +6% in sales and around +10% in EBITDA).
Viscofan is the parent company of the Viscofan Group. Co. is divided into two major operational subgroups. The companies comprising the Naturin GmbH subgroup are engaged in the manufacture and distribution of artificial casings (small and big diameter collagen and plastics) for the meat industry. Through its wholly-owned subsidiary IAN, S.A., Co. also manufactures and distributes canned vegetables (asparagus, olives and tomato).
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