Daily Brief Industrials: Limbach Holdings , Marel HF and more

Key points (machine generated)

• IBP is a leading roll-up strategist in the building industry, having executed over 100 acquisitions in a short period of time.
• The company leverages its national platform, supplier relationships, and operational expertise to enhance value while keeping the acquired companies’ local brands, talent, and customer relationships intact.
• IBP’s successful acquisition strategy, along with its strong commitment to timely delivery and solid financial position, has helped the company become a key player in the insulation industry.

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• Marel HF (MARL IR) announced a third proposal from John Bean Technologies (JBT US) for a cash and shares offer, equivalent €3.60/share, to be launched in Q1, with 24.7% irrevocable undertakings.
• There is strong market growth potential, due to growing middle-class demanding a higher proportion of animal protein in their diet. The overall sector, despite global economic woes, seems piping hot.
• My base-case fair value estimate is €3.54 (9.0% WACC, 2% implied perpetuity growth rate). The median IBES consensus TP is €3.50. On this basis, the offer price seems fair. Buy.