reports
- Gabor Pentek
Masterplast - Weak Q4, Gloomy Short-term Outlook
Weak Q4, gloomy short-term outlook Masterplast released 2022 Q4 figures this morning, showing weak results for the last quarter, as expected since the January profit warning. Quarter came in well below both q-o-q and y-o-y comparison with 32% and 17% drop in sales respectively, at EUR 37.7 mln, resulting in loss on both EBIT and net profit levels, with bottom line compressed further by FX loss of EUR 1.01 mln vs. average EUR 2.42 mln profit in 2022 Q2-Q3. Seasonality is a headwind for the sec...
- Gabor Pentek
- Gabor Pentek
Masterplast - Sales Below Guidance Run Rate, Margin Pressure And FX Ga...
Sales below guidance run rate, margin pressure and FX gains Masterplast released third quarter results this morning, showing weaker-than-expected sales (albeit 9% above difficult y-o-y comp) and q-o-q drop in margins adjusted for inventory changes. Notably, we see significant risk of missing updated 2022 guidance on sales (roughly +10% q-o-q required vs. -10% q-o-q hist. avg.) and EBITDA level, while net profit is only above run rate thanks to one-off FX gains of EUR 2.3 mln. Consequently, gu...
- Gabor Pentek
Masterplast - Focus On Growth
Focus on growth We update our 12-month target price to HUF 6,000 following recently announced new investments and share issue. We are optimistic for the Company, as Masterplast does not seem to give up on keeping up the exceptional growth trend of recent years, announcing significant expansion in core business as well as new directions. Our updated target price leaves 43% upside to last close, while it offers 36-50% upside over the pricing range of the SPO. The Company is in a sweet spot, wi...
- Gabor Pentek
Masterplast - Investments, Share Issue And Updated Guidance
Investments, share issue and updated guidance Masterplast announced a series of new developments, mainly focusing on the newly established mineral wool division and increasing own production in EPS. In addition, Masterplast is also planning on raising capital through an SPO, awaiting NBH approval. In light of the above, we put our 12-month target price under revision in order to incorporate updated guidance, investments and to adjust for share issue, when additional information is available. ...
- Gabor Pentek
Masterplast - Decent Results, Strong Margins, FX Gain And Inventory Bu...
Masterplast released figures in-line with expectations as seasonally stronger Q2 kept EBITDA at FY22 guidance run rate. Quarterly revenue equaled comparable quarter last year (i.e. lower volumes), a positive in our view, considering one-off healthcare sale and pre-war sales in Ukraine in 21Q2. Group EBITDA came in at EUR 8.4 mln, flattish y-o-y and a slightly lower margin (14.6% vs 14.9% y-o-y) due to higher input costs, lower high-value-add sales (i.e. healthcare). Strong bottom line came sol...
- Gabor Pentek
Masterplast-Slower growth to start the year
Masterplast kept the growth momentum in Q1, albeit with a weaker q-o-q performance, reporting group EBITDA at EUR 5.2 mln (+35% y-o-y, +13% q-o-q) and a net profit of EUR 3.3 mln (+26% y-o-y, 83% q-o-q). Quarter was boosted by higher prices and volumes in most segments, but OPEX increase (both on headcount and salaries, slightly helped by seasonality), higher material prices and weaker high-value-add sales (i.e. healthcare supplies) weighed on margins. Sales grew 35% y-o-y, boosted by subsidi...
- Gabor Pentek
Masterplast - Incorporating 2021 results and guidance
After a record-breaking year, we revise our estimates upwards and raise our 12-monthtarget price for Masterplast to HUF 5,800, implying 40% upside, therefore raising ourrecommendation to Buy from previous Accumulate. We make changes to outer years onthe valuation horizon to reflect mgmt. guidance and changing macro backdrop. Althoughthe Company has some exposure to Ukraine, we believe the externalities like peakmaterial prices and strong demand subsidization can more than make up for the lostsal...
- Gabor Pentek
Masterplast - Strong set of results to beat guidance
Masterplast reported strong 21Q4 results to beat recently updated full year guidance ofEUR 190.3 mln. Revenues came in-line with our estimates (45.4 mln vs. our 45 mlnestimate, up 39% y-o-y), while EBITDA and net profit slightly below (missing our estimatesslightly by 6% and 8% respectively), but FY21 EBITDA margin still grew 2.9 ppts vs. lastyear (+20bps vs. guidance).
- Gabor Pentek
- Gabor Pentek
Masterplast - Calm after the storm
After incorporating recent guidance raise and announced projects, we raise our 12-monthtarget price to HUF 4,850 and cut our recommendation to Accumulate from Buy,considering lower implied upside and an expected slowdown in coming quarters as theCompany finishes said projects. Supportive macro background in key regions is expected to keep up the demand pull incoming quarters, while evergrowing need for energy-efficiency only improves the outlook.Volatility in input prices remain a key risk howe...
- Hai Thanh Le Phuong
- Hai Thanh Le Phuong
Masterplast - Constructive and healthy first quarter
Masterplast reported EBITDA came to EUR 4.4 mln in the seasonally weak first quarter,up significantly on a yearly basis (+288%) on the inclusion of the healthcare business, butquarterly improvement was also impressive (+60%), driven by strong HU and Germany. Sales were up by 17% q-o-q, and 53% y-o-y, as all markets and business segmentswere strong with façade insulation systems making up the dominant part of the sales. InHungary, which is the most relevant market of the Company, the performan...
- Hai Thanh Le Phuong
Masterplast - In healthcare we trust
Masterplast announced yesterday that it will start another project in Hungary. The value of the project will be HUF 2.6 bln, financed by 80% subsidy of the HU state under the title Investment subsidy for the production of products relevant to COVID19. The new capacity aims to provide medical suits, foot bags, head protection and isolation sheets. The expected labor employment will be 40 people and production could start as early as 2021 September. According to company expectations, the EBITDA ...
- Hai Thanh Le Phuong
Ain’t no mountain high enough…
We upgrade Masterplast to Buy from Accumulate and lift our 12M TP to 3,109 vs. the previously guided HUF 2,700 and pre-project announcement of HUF 1,488 due to (1) HU and Serb projects (2) better than exp. outlook and (3) lower liquidity discount thanks to the inclusion to the BUX index. Masterplast’s mgmt. is very bullish on the new projects and underlying business for the next years. We believe there is a reason to act so, given the bottleneck in supply recently resulting in good pricing po...
- Hai Thanh Le Phuong
Good results as expected
Masterplast’s reported revenues came to EUR 32.7 mln in the fourth quarter, up by 30% on a yearly comparison while FY revenues was at EUR 122.7 mln, +15%. The large increase in sales was obviously due to the German plant production of medical supplies but apart from that, underlying insulation market was also stellar. EBITDA increased due to better commercial margins across product lines. With this sales and EBITDA figure, Masterplast was beyond its annual target of EUR 10 mln EBITDA and EUR ...
- Gabor Bukta
Update - Dazzling plans with high execution risk
The aim of this equity note is to present a bull case scenario if the Management’s guidance materializes in the future. Taking into consideration the recently announced investment projects and portfolio diversification, we put our target price under revision, but keep our recommendation unchanged on Accumulate. However, our calculation suggests that Masterplast is worth at least HUF 2,695 a share in a bull case scenario by using a very conservative 25% DLOM. This implies a 25% upside potential ...
- Gabor Bukta
- Hai Thanh Le Phuong
Masking off the virus
We updated our earnings estimates in light of stellar Q3 results and improving outlook in the next years. Renovation market remained robust in the pandemic while Masterplast’s entrance to the healthcare industry also helped in this exceptional period. The Company set an ambitious plan for inorganic and organic expansion which may be the biggest opportunity and risk at the same time as it is possible that the firm would raise capital to finance the projects though this remains a secondary opt...
- Hai Thanh Le Phuong
Masterplast - In Line Results, Outlook Remains Sound Despite Slowing H...
Masterplast - Instant Earnings Comment Recommendation: Accumulate (unch.) Target price (12M): Under revision Masterplast reported revenues remained strong in the seasonally weaker Q4, up by 6.5% on Hungarian and Romanian markets. In the latter segment, Q4 showed an improved picture on the back of govt subsidies in construction. As a result, Masterplast’s Romanian sales were up by 13.7%. In Hungary, the positive mood in construction continued in the last quarter of 2019 but lost some s...
- Hai Thanh Le Phuong
Masterplast - Remarkable Results On Hungary, EBITDA Margin Improves Fu...
Masterplast – Instant Earnings Comment Recommendation: Accumulate (unch.) Target price (12M): Under Revision (unch.) Masterplast reported revenues came strong in the seasonally strongest quarter, up by 10.8% y-o-y to EUR 31.4 mln. EBITDA came to EUR 2.6 mln, up by 21% y-o-y, as a result of higher revenues and lower other OPEX. EBITDA margin also improved accordingly to 8.4% from 7.8%. Revenues improved y-o-y by 10.8% on the back of strong Hungary (which contains partial contribution fr...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.