Verallia: up sharply after Berenberg analysis
After a six-month period deemed 'difficult' for the glass packaging market, the analyst says he expects 'record' results and margins for the sector in 2023.
In its study, Berenberg raises its recommendation on Verallia due to its 'particularly attractive' valuation, marked by an Enterprise Value/Ebit ratio of 7x to 8x, even though its volumes bottomed out in the third quarter.
The intermediary also points to a favorable scenario in which the group could set itself an Ebitda target of over €1 billion for 2024, compared with €1.1 billion in 2023, whereas the market is currently forecasting a much sharper decline.
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