AD Plastik: Ready for the rebound, when it comes (HOLD - initiation of coverage)
We initiate coverage of AD Plastik with a HOLD recommendation and a 12M price target (PT) of HRK 147/share, implying 14% upside. AD Plastik is a car parts manufacturer, focusing on plastic components for passenger cars. The company has a broad portfolio of clients, supplying its products across Europe and Russia. Despite operating in one of the sectors hit the most by the pandemic, AD Plastik has managed the difficult situation well so far and has even signed more contracts for its already busy pipeline. While we like the company and appreciate its recent achievements, there are still too many risks that it cannot control, in our view, from a slower-than-expected recovery, an accelerating pandemic, potential changes in the deal pipeline made by customers, to FX volatility. We believe that AD Plastik can survive all of these things, should they materialise; however, given the uncertainties ahead, we choose to HOLD the stock, until the outlook becomes clearer.
WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.
A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.
Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.
We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.
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