US stock futures steady after Wall St soars on dovish Powell; Nvidia earnings due
On Tuesday, Deutsche Bank (ETR:DBKGn)’s analysts revised their price target for Synthomer (LON:SYNTS) Plc (SYNT:LN) (OTC: SYHMY), a specialty chemicals company, reducing it to GBP 1.40 from the previous target of GBP 2.25. Despite the cut in the price target, the firm maintained a Hold rating on the stock.
The adjustment follows a meeting on March 13, where Synthomer’s management engaged with Deutsche Numis’ sales team, highlighting the potential for value transfer from debt to equity holders. This potential arises from the year-end net debt, before IFRS 16 adjustments, which stood at £597 million. Deutsche Bank’s analysts pointed out several factors that could drive this value transfer, but emphasized that delivery on these drivers would be necessary to strengthen conviction in the process.
Synthomer’s financial performance for the fiscal year 2024 was also a topic of discussion. The company experienced an acceleration in volume growth, reporting an 8.4% increase compared to 4.6% in the first half of the year. This growth was seen across its High-Performance Polymers (HPPM), which grew by 14.1%, Acrylics (AS) by 9.1%, and Carboxylated Styrene Butadiene Latex (CCS) by 2.4%.
The company’s growth contributed to a revenue of £1,986.8 million, which marked a 2.4% increase on a constant currency basis (5.1% increase). The earnings before interest, taxes, depreciation, and amortization (EBITDA) for the year amounted to £146.6 million, a 6.7% year-over-year increase, which was in line with the forecasts and the guidance range of £145-148 million provided in January.
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