Erste cuts Semperit to 'hold' as profit warning adds to near-term concerns

Semperit Holding AG

16/09/2022 13:50

** Erste Group Research cuts Austrian polymer and plastics
maker Semperit  SMPV.VI  to "hold" from "buy", saying the likely
EUR 50 mln impairment flagged earlier this week is further proof
of a challenging market environment  urn:newsml:reuters.com:*:nEQ9ZCrcTa
    ** The impairment adds to near-term worries including
medical sector's post-pandemic woes, a surge in energy and raw
material costs, and possible Russian gas supply disruptions, it
says
    ** The broker cuts its estimates for 2022 EBITDA and net
result to profit of EUR 84.7 mln and loss of EUR 35.5 mln
respectively
    ** Erste says the Vienna-based firm could get a boost from
M&A deals as it plans to focus on the industrial sector in the
future, a possible trigger for the shares
    ** "However, given the current market situation, there is a
question mark hanging over the timing and shape of the planned
Sempermed segment sell-off," it adds
    ** Out of four analysts that cover Semperit, three rate the
stock "strong buy" or "buy" and ​one "hold" 

($1 = 1.0025 euros)

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