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Kety: Metalplast Zlotow transaction should be signed this week

16.1.2007 9:35
Autor: KBC/Patria

One of the insiders sold 2,771 shares at the average price of PLN 195.35. Our view: Even tough the transaction value is small, due to its infrequent nature, we believe, it could have a slightly negative trading impact.

According to today’s daily Parkiet Kety is expected to sign a purchase agreement of Metalplast Zlotow by Friday this week. Dariusz Manko, Kety’s CEO stated that the company has yet to negotiate a social package with 200 employees of Metalplast Zlotow. Kety’s plan is to strengthen the target with new investments and broaden the product range.

Our view: The news should have a slightly positive trading impact as, we believe, the acquisition, which is expected to be value accretive, is not yet in the share price. Metalplast Zlotow is a major Polish producer of fixtures and fittings used in aluminium or wood joinery. According to Kety, the target’s sales revenues for 2005 came in at PLN 45m and net earnings at PLN 3-4m. Kety’s strategy is to merge this company with Metalplast Karo, a subsidiary of Kety, which supplies the aluminium profiles division internally with fittings and fixtures and has annual sales revenues of some PLN 13m. According to Kety, fixtures and fittings are high-margin and constitute up to 30% of the value of aluminium profiles contracts. The acquisition would enable Kety to fully supply its needs internally and also sell to other entities. We would view this acquisition as providing a good opportunity to strengthen the competitive position of Kety, in the growing aluminium profiles business, and lengthen the company’s value chain. Given the highly competitive privatisation process, we would expect the P/E ratio of the Metalplast Zlotow transaction to be higher than in case of the acquisition of Aluprof (2005 P/E of 10.7x).


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