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MATTR CORP
MATR-T
PARTIAL BUY
Dec 02, 2024
$13.100
Stock price when the opinion was issued
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Great job. Sold non-core operations, now focused on high-quality business. High margins. Investing in organic initiatives with high rates of return, should see benefits early next year. Very diligent acquirers, promising not to overpay. Latest exposure significantly increases exposure to the US; will probably see topline benefits in 2H of next year.
Exposed to the right verticals such as infrastructure and electrification. Management is aiming for 20+% ROC after tax. He believes them; other investors are waiting to see. No dividend.
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The last quarter was a bit mixed, and thus the stock has not done a whole lot this year (down 16%). The balance sheet has a bit of leverage (1.5X cash flow net), but is in significantly better shape than it was in prior cycles. It is expensive on current valution but very strong EPS growth is forecast for 2025 (more than 3X). It has seen a few broker downgrades since the quarter, but if it can execute on its growth plan in '25 we would expect investors to sit up and pay attention. It remains fairly cyclical so the economy does need to co-operate here. There has been a small amount of recent insider buying, which is positive.
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