Looking for double-digit organic growth? ESG qualities? Low P/E? Lenzing has it all. With key projects in Brazil and Thailand ramping in 2022, additional visibility on earnings and value could drive a re-rating. We analyse organic growth potential, plus the resulting cash flow and balance sheet risks, to reach a fair value range of EUR65 (assuming a $900/t mid-term pulp price) to EUR114 in a blue-sky scenario of a 18% ROIC for the Brazil project, which could be achievable at a $1,050/t DWP price ....
