Berenberg ups Schoeller-Bleckmann to 'buy' upbeat on AMS unit outlook

SBO AG

26/05/2023 08:11

** Berenberg raises Schoeller Bleckmann  SBOE.VI  to "buy"
from "hold", citing stronger outlook in the Austrian oil and gas
equipment maker's Advanced Manufacturing & Services (AMS) unit
and its cheap valuation 
    ** The brokerage notes the company's strong start into 2023,
with revenue up 47% and EBIT up 72%, and a high order backlog in
the first quarter
    ** The Q1 strength was driven by AMS, helped by its greater
focus on international markets compared to Oilfield and
Equipment unit focus on mainly onshore U.S., Berenberg says
    ** It expects that high activity globally, including in
Brazil and the Middle East, will support AMS outlook 
    ** The broker maintains its price target of 66 euros per
share
    ** Schoeller-Bleckmann shares rise 3.76% to the top of the
Austrian traded index  .ATX  


 (Reporting by Tristan Veyet)
 ((Tristan.chabba@thomsonreuters.com))