(Finance) – Kepler Cheuvreux reduced to € 12.30 per share (from 13.50 euros) the target price on the title Piovan, a company listed on Euronext STAR Milan and active in the development and production of automation systems for production processes for the storage, transport and treatment of polymers, plastic and food powders. The judgement was confirmed at Buy. Analysts point out that the results of the first half of 2022 indicated a certain pressure on margins, combined with some delivery delays due to the shortage of components, which the company plans to recover in the second half.
Kepler Cheuvreux slightly increased its revenue estimates 2022 + 1.2% to € 475.3 million, taking into account a more favorable forex impact, which more than offset the lower organic estimates. Adjusted EBITDA was cut by -10% to € 56.6 million, with the margin down from 13.4% to 11.9%. Estimates on revenues and EBITDA for the 2023. For exercise 2024now expects an EBITDA margin of 13.1% (previously 13.8%), “but clearly more details on the IPEG integration plan and its impact will be crucial for the trajectory of the margin “, is underlined in the research.