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SUM

Summit Materials

$15.63

1.94 (14.17%)

07:21
06/14/19
06/14
07:21
06/14/19
07:21

Argos, Summit Materials operating synergies may be limited, says Deutsche Bank

After Reuters reported that Grupo Argos approached Summit Materials about merging, Deutsche Bank analyst Nishu Sood says the combined company would become substantially larger in cement and ready-mix. However, there is only partial local overlap of operations, adds the analyst, citing his preliminary analysis. So operating synergies might be limited, and the combined entity would also have lots of debt, Sood tells investors in a research note. He keeps a Buy rating on Summit Materials.

  • 13

    Nov

SUM Summit Materials
$15.63

1.94 (14.17%)

04/03/19
BREN
04/03/19
INITIATION
Target $18
BREN
Hold
Summit Materials initiated with a Hold at Berenberg
Berenberg analyst Robert Muir initiated Summit Materials with a Hold and $18 price target.
06/12/19
LBOW
06/12/19
NO CHANGE
LBOW
Buy
Summit Materials COO resignation a surprise, says Longbow
Longbow analyst Garik Shmois said the timing of the resignation of Karl Watson, Jr. as Summit Materials' COO was a surprise. While not a stated reason for his leaving, the analyst thinks the timing of Watson's departure raises the possibility of a guidance reduction, especially in light of Mississippi River flooding and transportation costs that were rising through most of the second quarter. He would at least expect a cut to the top of end the company's FY19 EBITDA guidance of $430-$470M, Shmois said. He keeps a Buy rating on Summit Materials shares, noting that he continues to think the company remains a takeout candidate.
06/14/19
LEHM
06/14/19
NO CHANGE
Target $18
LEHM
Equal Weight
Summit Materials takeover interest 'likely genuine,' says Barclays
Barclays analyst Adam Seiden says he was "skeptical at first" after Reuters reported that Grupo Argos has an interest in Summit Materials. However, the analyst now sees the potential logic and believes the interest is "likely genuine." Cementos Argos is a small player in the U.S. market, at a low-single digit percent share, but it generates ~50% of its EBITDA in the U.S. and its other regions are either just starting to recover, or not at all, Seiden tells investors in a research note. He keeps an Equal Weight rating on Summit Materials with an $18 price target.
06/14/19
STFL
06/14/19
NO CHANGE
Target $23
STFL
Buy
Summit merger report 'feels like a rumor,' but upside remains, says Stifel
Stifel analyst Stanley Elliott said he sees shares of Summit Materials as meaningfully undervalued and still sees upside in the stock after yesterday's 14% move higher, which was prompted by reports that Cementos Argos proposed a merger with the company. With that said, Elliott told investors in a research note that he is not sure the sources of those reports are credible. "This feels like a rumor to get investors focused on Summit's portfolio and the value that is not currently reflected in equity markets," or a way to shift the discussion from challenges the company is currently facing, Elliott stated. His sum-of-the-parts analysis to help assess a potential takeout value points to a value of $23-$24 per share, added the analyst, who keeps a Buy rating and $23 target on Summit Materials shares.

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