Ariston (ARIS IM) & Krones (KRN GR) Germany
Manufacturing
There are several manufacturing stocks in Willis Welby’s European Midcap coverage where cautious expectations come with decent growth and strong financial productivity. Two stocks they are particularly keen to highlight: 1) ARIS - the sharp and continuing falls in the share price look to offer a compelling opportunity. Consensus Y3 revenue growth is 5.5% and the implied to Y3 EBITM ratio is now in the high 40s. 2) KRN - H1 trading was good. Orders were strong. Guidance was raised and analysts followed suit. Finances here are seriously strong and an implied to Y3 EBITM ratio of just 39 looks to offer a really interesting opportunity.
Edition: 170
- 29 September, 2023