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Exel Composites: Bothersome setback

EXELResearch17.09.2021, 07.57
Joonas Korkiakoski, Antti Viljakainen
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Exel's demand situation has remained good, but higher material costs have affected short-term performance more than we expected. This year's earnings growth will remain low, but one single setback does not spoil the longer-term potential.

Exel Composites is a manufacturing company. The company manufactures and markets composites used in demanding industrial environments. In addition to its core business, lamination and extrusion are also performed. The largest operations are found around Europe and Asia with customers in the manufacturing and aerospace industries. Exel Composites was founded in 1960 and is headquartered in Vantaa.

Read more on company page

Key Estimate Figures17.09.2021

202021e22e
Revenue108.6125.5130.5
growth-%4.6 %15.6 %4.0 %
EBIT (adj.)9.78.910.8
EBIT-% (adj.)8.9 %7.1 %8.3 %
EPS (adj.)0.110.120.15
Dividend0.050.050.06
Dividend %2.7 %0.4 %0.4 %
P/E (adj.)15.7107.287.9
EV/EBITDA7.849.141.1

Forum discussions

Aapeli has released a new company report on Exel regarding Q2 Exel’s Q2 figures exceeded our forecasts by a healthy margin. The implementation...
8/17/2026, 6:08 AM
by Sijoittaja-alokas
5
The quiet period is over and the treasure chest has been opened Answers to the first question can be found from wind turbine manufacturers. ...
8/14/2026, 11:37 AM
by Lauri Haavisto
14
In the earnings call, Paul conveyed (if I interpreted it correctly) that there is no need to worry about H2, even though some deliveries were...
8/14/2026, 10:47 AM
by Junnu
4
I included this question in the earnings interview with Pauli. The interview was wrapped up a moment ago, so it should be out by this afternoon...
8/14/2026, 8:29 AM
by Aapeli Pursimo
7
Here are Aapeli’s comments on Exel’s Q2 results​ Inderes – 14 Aug 26 Exel Composites Q2’26 -pikakommentti: Kaikki päärivit reippaasti yli odotusten...
8/14/2026, 8:05 AM
by Sijoittaja-alokas
1
If and if. If the conductor cores start generating more multi-year contracts during Q3–Q4 and order intake (=> new orders and new demand) starts...
8/14/2026, 7:29 AM
by Dissidentti
4
If that core business starts to take off more broadly, it has incredible potential. Based on this year’s development alone, the company’s value...
8/14/2026, 5:34 AM
by Junnu
3