Berenberg resumes Viscofan with 'buy' on market share gain potential
** Berenberg reinitiates coverage of Viscofan VIS.MC with "buy" saying it considers the Spanish meat packaging maker a "market leader with potential to gain further share"
** Compared to peers, Viscofan's superior know-how in manufacturing casings, better geographical footprint and higher investments in capacity expansion have led to continued market share gains in the past eight years, the broker says
** It estimates the global customised sausage casings market should grow at 4% CAGR between 2024 and 2028
** "While destocking limited growth in 2023 and H1 2024, we forecast a rebound in growth in early 2025," it says
** The shares are up around 2%, on track for their best day since the end of July if gains hold
** Out of 13 analysts that cover Viscofan, 12 rate the stock "strong buy" or "buy" and one "hold"
Reporting by Matteo Allievi
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