SPANISH SMALL & MID CAPS


Viscofan’s Share Price Has A Revaluation Potential Of 6.5%

We are updating our target price on Viscofan, with a HOLD recommendation. Viscofan will increase its net cash in 2016e (vs 0,4x DN/EBITDA 2014 and 0x DN/EBITDA 2015), given its strong capacity for cash generation. Viscofan is the only supplier in the world to make artificial casings for meat products in the four commercially available technologies (cellulose, collagen, fibrous and plastic).