Börse Express – Mayr-Melnhof – Tann construction as a course driver that is not yet included


We have increased our recommendation for Mayr-Melnhof from a & # 39; buy and build its & # 39; price from EUR 130 to EUR 138.6. We believe that the recent TDA Group (6.5x EV / EBITDA) collection is still not visible in the # 39; shared price. In addition, we believe that the stock is not considered highly compared to peer-made companies and, compared to the long-term average of multimedia EVs, so they & # 39; recommend buying the stock.

Starting in & # 39; the 2019 financial year, the recent build of the TANN Group will significantly increase the added value of energy and its value. get money from the Packaging Department. TANN will print and print. Improves the correct paper that was bought to a promotional item and is market leader of the world in this area. The first confirmation of the TANN group will be held in & # 39; the first quarter of 2019 and will send around 15% (EUR 230 million) of income and about 60BP to the EBIT side of the MM Packing Department in the financial year 2019. One-off integrated costs will be around the edge by around 40bps in the same year.

Outlook. Mayr-Melnhof gives the figures for the 4th quarter of 2018 on March 19. The fourth quarter is challenging due to the high profit of the previous areas, but we are Mayr-Melnhof believes that the best way to have been higher than the previous year's output. We reviewed our estimates and included the construction of TANN Group in our model. We then believe that the construction is still not included in the price. We also enjoy the & # 39; Flexible business model and market guidance and cost in the cartonboard department and package section. Therefore, the Mayn Melnhof shares as a long-term sustainable region grant.

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