Ringmetall made good progress during H117, driven by strong growth in the key Industrial Packaging division. Margins are being dampened by higher input costs, while FX is reducing contributions on translation as well as pressurising export margins. The share price progression so far in 2017 suggests the market is finding the transition story increasingly credible, and is starting to rate Ringmetall more appropriately as the manufacturing entity it has become. Management is seeking to grow this further and the balance sheet remains supportive.

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