Me Group International (MEGP)

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Share Price:
118.80p
Market Cap:
£445.08m
Change Today:
0.40p
Sector:
Leisure Products

Berenberg initiates coverage of ME Group

By Abigail Townsend

Date: Monday 12 Jun 2023

LONDON (ShareCast) - (Sharecast News) - Berenberg has initiated coverage of ME Group International with a 'buy' rating.
In a note published on Monday, the bank argued that the UK designer and manufacturer of automated vending machines was "significantly higher quality than the market believes". It pointed to 20+% operating margins, a 25% return on capital employed and a "significant opportunity to roll out its new format - laundry and food - over the coming years".

Analyst Eleanor Spencer continued: "We forecast a double-digit earnings before interest, tax, depreciation and amortisation compound annual growth rate over the next three years, and believe the company has scope to pay out around 21% of its market cap over the same period, offering significant returns for shareholders.

"We initiate coverage with a 'buy' rating and a 200p price target, offering 25% upside potential."

As at 1215 BST, shares in Surrey-based ME Group - formerly called Photo-Me International - were up 3% at 164.2p.

Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

 

MEGP Market Data

Currency UK Pounds
Price 118.80p
Change Today 0.40p
52 Week High 121.80p
52 Week Low 117.00p
Volume 703,970
Shares Issued 374.64m
Market Cap £445.08m

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