Diversey (DSEY) PT Raised to $21 at Jefferies in First Public Quarter

May 17, 2021 9:43 AM EDT
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Price: $17.37 +1.52%

Rating Summary:
    9 Buy, 2 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 12 | Down: 7 | New: 31
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Jefferies analyst Laurence Alexander raised the price target on Diversey (NASDAQ: DSEY) to $21.00 (from $19.00) after Sales of $632m beat the expectation of $614m. Sales declined 4% YoY as a 5% decline in Institutional (74% of total sales) was partially offset by 1% gain in Food & Beverage. In Institutional, strong performance in healthcare and infection prevention products were offset by COVID-related restrictions in food service and hospitality sectors.

The analyst reiterated a Buy rating, stating "The company expects sequential improvement throughout the year, in line with our forecast. We are keeping our 2021E EBITDA forecast at $430m and 2022E at $460m." "Our new price target of $21 (+$2) represents 18.0x (vs prior 16.5x) our 2022E EV/EBITDA of $460m. DSEY currently trades at 16.6x our 2021E EBITDA, a steep discount to its closest peer, Ecolab (ECL, Hold), at 26.8x."



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