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Nov 5 2018, 07:00 GMT
Malin is sharpening its strategic focus. It has simplified its strategy to focus on four priority assets that hold considerable upside, and the leaner structure provides a longer operational runway. We think Malin’s fair value (FV) could rise to €690m (a 70% increase from June 2018) by December 2019, driven mainly by Poseida – for which we think a trade sale/IPO is possible. The Capital Markets Day on November 8th should clarify the pathway to value crystallisation. We reiterate our ‘Outperform’ rating with a €15.90 price target.