BUZZ-Jefferies raises Maire's 2025 estimates, reaffirms 'buy' on 'likely' upward FY guidance revision

Reuters
05-22
BUZZ-Jefferies raises Maire's 2025 estimates, reaffirms 'buy' on 'likely' upward FY guidance revision

** Jefferies reaffirms "buy" rating on Italian engineering group Maire MTCM.MI, raising its 2025 EBITDA and revenue estimates above current company guidance on a potential upward FY guidance revision

** Maire shares rise as much as 5.5% to 11.01 euros ($12.46), highest since July 2008

** EBITDA estimate raised by 5% to 463 million euros, revenue estimate up by 4% to 6.4 billion euros - Jefferies

** Maire's CEO flagged a "potential upward revision" to its 2025 guidance, to be communicated with first-half results, Jefferies adds

** Positive read also from British chemicals firm Johnson Matthey JMAT.L agreeing to sell its catalyst technologies unit to Honeywell International HON.O for 1.8 billion pounds ($2.42 billion)

** Johnson Matthey shares soar around 30% following the announcement

** Brokerage Equita notes the transaction supports the valuation of Maire's unit Nextchem at an enterprise value to EBITDA multiples "in the low to mid-teens", as the two businesses share "good" similarities

($1 = 0.8836 euros)

($1 = 0.7445 pounds)

(Reporting by Philippe Leroy Beaulieu)

((Philippe.leroybeaulieu@thomsonreuters.com))

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