SRH AlsterResearch AG Initiation: Varta AG - Growth continues, but fairly priced

SRH AlsterResearch AG Initiation: Varta AG - Growth continues, but fairly priced

Nachrichtenquelle: AlsterResearch AG
23.02.2021, 11:53  |  181   |   |   

VARTA had an extraordinary 2020, mainly driven by increased demand for lithium-ion batteries and the acquired consumer business (VARTA Consumer).

VARTA AG (Initiation), Industrial Goods & Services
MCap EUR 5:2BN; HOLD, PT EUR 130.00
Varta AG_update

VARTA had an extraordinary 2020, mainly driven by increased demand for lithium-ion batteries and the acquired consumer business (VARTA Consumer). Both sales and adj. EBITDA jumped ca 2.4x vs 2019, justifying the company’s optimistic plans to expand capacity. Given a robust 2020, strong positioning in core markets and planned expansion of production capacities, the group expects revenues of EUR 940m (+8% yoy; major growth in H2), with high organic sales growth, adjusted EBITDA margin of up to 30% and double-digit growth in earnings in 2021. Despite the company’s uncontested market positioning and stellar growth outlook, we initiate our coverage with a HOLD recommendation and a price target of EUR 130.00.  

Please note that AlsterResearch publishes MiFID II compliant research only. For a detailed discussion on MiFID II, please visit www.research-hub.de

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SRH AlsterResearch AG Initiation: Varta AG - Growth continues, but fairly priced VARTA had an extraordinary 2020, mainly driven by increased demand for lithium-ion batteries and the acquired consumer business (VARTA Consumer). Both sales and adj. EBITDA jumped ca 2.4x vs 2019, justifying the company’s optimistic plans to expand capacity.

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