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ringmetall

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Ringmetall

Positive development despite headwinds

Update | General Industrials | 18 Oct 2017

Ringmetall made good progress during H117, driven by strong growth in the key Industrial Packaging division. Margins are being dampened by higher input costs, while FX is reducing contributions on translation as well as pressurising export margins. The share price progression so far in 2017 suggests the market is finding the transition story increasingly credible, and is starting to rate Ringmetall more appropriately as the manufacturing entity it has become. Management is seeking to grow this further and the balance sheet remains supportive.

Ringmetall

Cornerstone components with quality edge

Initiation | General Industrials | 14 Jun 2017

Ringmetall’s position as a leading global packaging specialist has evolved both organically and through acquisitions, as exemplified in its 2016 results where EBITDA more than doubled, boosted by the late 2015 acquisition of Self Industries. In a challenging global macro environment with slowing Chinese growth, 2017 will be a year of more limited progress. Guidance still implies a 7.8% increase in EBITDA driven by market share gain in China, organic growth and margin expansion from internal efficiencies. The company’s valuation multiples have expanded recently, but an FY18e P/E of 14.3x represents a significant discount to its peers.