Synthetic MR: Breaking the negative sales trend - SEB
11 februari, 07:21
Q4 showed a long-awaited return to organic growth driven by sales in Europe, while sales in the Americas remained flat. Following the share issue, the balance sheet is better, but we stress that SyntheticMR needs a sustained growth trend to reach positive FCF. Q4 was a good start on this. We raise our sales estimates but lower EBIT on higher costs. Following the share issue, our new fair value range is SEK 1.5-1.6 (1.7-1.9).
SEB Research
This research has been commissioned by the company. Only for professional investors resident in EEA member states. Reports may not be distributed to the US or other jurisdictions where to do so would be unlawful. Please see the disclaimer tab for any details of investment banking services recently provided by SEB that could be considered relevant to the subject matter of this research.
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Synthetic MR: Breaking the negative sales trend - SEB
11 februari, 07:21
Q4 showed a long-awaited return to organic growth driven by sales in Europe, while sales in the Americas remained flat. Following the share issue, the balance sheet is better, but we stress that SyntheticMR needs a sustained growth trend to reach positive FCF. Q4 was a good start on this. We raise our sales estimates but lower EBIT on higher costs. Following the share issue, our new fair value range is SEK 1.5-1.6 (1.7-1.9).
SEB Research
This research has been commissioned by the company. Only for professional investors resident in EEA member states. Reports may not be distributed to the US or other jurisdictions where to do so would be unlawful. Please see the disclaimer tab for any details of investment banking services recently provided by SEB that could be considered relevant to the subject matter of this research.
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