Leading International Investment Research, Edison Investment Research

Edison Investment Research

Leading International Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

Equity Bottom-Up

<p>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.</p>

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.

<p>Ringmetall&rsquo;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&rsquo;s valuation multiples have expanded recently, but an FY18e P/E of 14.3x represents a significant discount to its peers.</p>

Ringmetall&rsquo;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&rsquo;s valuation multiples have expanded recently, but an FY18e P/E of 14.3x represents a significant discount to its peers.

Germany

Ringmetall AG is an investment holding company.  The Company, through its subsidiaries, produces handling and safety systems, and offers software solutions.

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Ringmetall AG (HP3 GY)

Positive development despite headwinds

Ringmetall made good progress during H117, driven by strong growth in the key Industrial Packaging division. Margins are being dampened by higher...

Edison Investment Research

Cornerstone components with quality edge

Ringmetall’s position as a leading global packaging specialist has evolved both organically and through acquisitions, as exemplified in its 2016...

Edison Investment Research

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