18 Apr 2016
MuCell momentum building
We resume coverage of Zotefoams with a BUY recommendation, noting the significant progress that has been made by MuCell over the past eighteen months and a positive outlook for the core Polyolefins business. Capacity expansions in Asia and, more significantly, North America confirm management’s confidence in medium term growth prospects, while currency and, to a lesser extent, raw materials provide a welcome tailwind. Our TP of 336p implies a value for MuCell of c.£40m and an FY17 EV/EBITDA mult ....
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MuCell momentum building
Zotefoams plc (ZTF:LON) | 376 -18.8 (-1.3%) | Mkt Cap: 183.4m
- Published:
18 Apr 2016 -
Author:
James Tetley -
Pages:
4
We resume coverage of Zotefoams with a BUY recommendation, noting the significant progress that has been made by MuCell over the past eighteen months and a positive outlook for the core Polyolefins business. Capacity expansions in Asia and, more significantly, North America confirm management’s confidence in medium term growth prospects, while currency and, to a lesser extent, raw materials provide a welcome tailwind. Our TP of 336p implies a value for MuCell of c.£40m and an FY17 EV/EBITDA mult ....