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Research

Exel Composites: A raft of new orders

Exel Composites
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Exel published its Q2 report yesterday. Growth was clearly brisker than we expected, but the operating result was below our estimates. The key causes of joy in the report were undoubtedly related to excellently developed new orders, another record-high order book, and, thus, the short-term order situation looking better than before. Also looking further ahead there are a lot of opportunities and Exel’s own structural characteristics do not, in our opinion, place any restrictions on utilizing these opportunities. We consider the annual risk-adjusted return expectation consisting of the expected earnings growth and small dividend good enough.

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.

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Key Estimate Figures20.07.2021

202021e22e
Revenue108.6123.6128.6
growth-%4.6 %13.8 %4.0 %
EBIT (adj.)9.710.212.1
EBIT-% (adj.)8.9 %8.2 %9.4 %
EPS (adj.)0.110.140.17
Dividend0.050.050.06
Dividend %2.7 %13.2 %14.4 %
P/E (adj.)15.72.82.3
EV/EBITDA7.83.12.4

Forum discussions

Interesting. We’ll find out next week. Wild guess: Aktia wanted to lighten its position and Erkki bought.
11/28/2025, 8:15 AM
by Mikko Marttinen
2
Did I see correctly that there was a 600k block trade on Exel today? Is there any information about this?
11/27/2025, 10:29 AM
by RationalBull
3
Muoviteollisuus ry LMS: Paluu tulevaisuuteen - Muoviteollisuus ry Vuoden 2025 LMS: Paluu tulevaisuuteen It must have been quite an interesting...
11/18/2025, 9:16 AM
by RationalBull
2
Tekniikka&Talous – 17 Nov 25 Tuulivoimajätti jakelee potkuja – 900 joutuu lähtemään Tekniikka&Talous tarjoaa oivalluksia, näköaloja ja hyötytietoa...
11/17/2025, 1:09 PM
by RationalBull
1
Aapeli, as a diligent fellow, has prepared a new company report on Exel. Exel’s Q3 operational development was well in line with our expectations...
11/7/2025, 7:46 AM
by Sijoittaja-alokas
8
Exel Composites CEO Paul Sohlberg was interviewed by Aapeli. Inderes Exel Composites Q3'25: Tilaukset kasvussa - Inderes Aika: 06.11.2025 klo...
11/6/2025, 4:19 PM
by Sijoittaja-alokas
8
It’s a shame that deal with KONE wasn’t elaborated on more, just thinking about the size differences between this and de angel.
11/6/2025, 3:11 PM
by RationalBull
2
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