Announcement.

Trigon DM raised the target price for Pfleiderer Group to PLN 54, supports "buy"

"The prices of raw particle board in Germany grew in May for the second month in a row (+2% from the bottom in March) and confirm the announced price increases announced by the company, which was also confirmed by Forte management during the last result conference and we believe that increases may reach 5-6% by the end of the year. In addition, in May, the third month in a row, methanol and urea prices dropped, key to the production of resins used in the production of particle boards (about 20% of costs). these raw materials have returned to levels from the autumn of last year and are 30 per cent lower than the short-term + top + in February this year, which was responsible for the low company's profit in Q1'17, "the report said. "We believe that the above factors, at stable prices of wood, will help the company achieve high margins in 2017 and 2018. The EBITDA growth scenario announced by the company this year by more than EUR 10 million becomes more credible, which is why we are upgrading our forecasts by 8 percent. " - added. Analysts indicate that Pfleiderer is currently one of the cheapest companies in the mWIG40 index (EV / EBITDA 6.5x). "We assume that we expected good results in Q2'17 ( approx. EUR 40m EBITDA) will contribute to the + re-rating + in the area perceived by us for + fair + EV / EBITDA 7.5x, "the report reads. (PAP Biznes)

Source: company website, investor relations, current and periodic reports.

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Company information
Company name:Pfleiderer Group SA
ISIN:PLZPW0000017
NIP:719-10-00-479
Adress: ul. Strzegomska 42AB 53-611 Wrocław
Phone:+48 71 7471000
website:www.pfleiderer.pl

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