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Accelerating the pace of growth

Update | General Industrials | 05 Jun 2018

Ringmetall continues to experience healthy organic growth and develop its operations through strategic acquisitions. Management has provided guidance for FY18 that may be considered slightly muted due to one-off, largely administrative costs but also targets M&A which add revenues of between €5m and €40m. Management has set an ambitious medium-term goal. It hopes to reach €200m of revenues generating EBITDA margins in excess of 15% by 2021. Achieving this successfully would more than justify the current rating.


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.


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.