MATW - Matthews International: Slow Orderbook Build And Not Great Delivery Rates

2024-02-04 05:00:59 ET

Summary

• MATW is facing challenges in improving unit economics despite major order wins in its EV-exposed businesses.
• New order generation is inconsistent in the energy segment, and economics are getting a bit lumpy.
• Memorialization is experiencing declines in casket sales, but new business in cremation systems may offset the decline if it comes to pass.
• SGK seems to be bottoming out.
• In all, the demand trends don't look that great, and neither does execution, but if you can trust in secular demand for battery production machines, MATW should be fine.

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