17.11.2016

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Mayr-Melnhof confirmed at BUY, TP EUR 117 - Input cost inflation bites into 3Q margin, but only temporarily 

- We confirm the BUY recommendation for Mayr-Melnhof and the target price of EUR 117
- 3Q operating profit fell 8% shy of forecasts due to stronger than expected headwinds from higher recovered paper prices in MM Karton
- Margin pressure in MM Karton temporary, not structural: we are confident that the announced price hikes coupled with a recent stabilisation/moderate decline of waste paper prices will allow for a recovery of profitability already in 1Q 17
- We have made only minor forecast changes, lowering EPS estimates throughout 2018e by 2-3%

Company im Artikel

Mayr-Melnhof

RCB © Martina Draper/photaq

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