We estimate a fair value range of EUR 5.1-6.4 per share, based on our four valuation approaches (DCF, 2021E P/BV, 2022E EV/EBIT, and 2022E P/E). While we find the underlying demand growth outlook stable, we believe the main risks to earnings are related to raw material input cost volatility and the potential implications for the supply/demand balance if suppliers invest excessively in new capacity after the recent demand peak.
Aktuellt
SENASTE
