In an interview with local press, Metalac’s CEO said the firm is unlikely to regain pre-crisis production and sales levels in the short term. The CEO added that he would be satisfied if the firm manages to achieve small but stable production growth. Our view: We had anticipated this negative news and expect an adverse market reaction. However, the stock is not widely covered and no consensus is available. We believe the market has overlooked Metalac’s real medium-term growth potential.