GBC sets MS Industrie price target at EUR 2.60, keeps buy rating

• GBC reiterated its Buy rating on MS Industrie, lifting its price target to EUR 2.60 from EUR 2.50.
• Target horizon set at Dec. 31, 2027; research comment dated Sept. 30 acquisition of a 51% stake in Serbia’s IDAS.
• GBC estimated IDAS revenue at about EUR 8.5 million, net profit at EUR 0.55 million, based on Serbian registry figures.
• Valuation assumed a EUR 1.45 million price for the 51% stake; model includes EUR 1.80 million cash outflow in three years for the remainder.
• GBC said the deal diversifies exposure away from cyclical commercial vehicles, adds pharma packaging exposure, supports internalization of prototypes and small batches.

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