Copyright © Inderes 2011 - present. All rights reserved.
  • Latest
  • Markets
    • Stock Comparison
    • Financial Calendar
    • Dividends Calendar
    • Research
    • Articles
    • Transcripts
  • inderesTV
  • Forum
  • About Us
    • Our Coverage
    • Team
Research

Exel Composites: Super clinical finish

Exel Composites
Download report (PDF)

Exel published its Q4 report yesterday. Operationally the company's performance was clearly better than we expected, and the market comments were also beyond reproach. Exel has tuned its business to the nines, even though some internal bumps still need to be smoothened out. Even though general uncertainty causes some worries in the short term, Exel’s portfolio that expands across various manufacturing industries gives concrete support against this. The earnings expectation for the coming 12 months that consists of earnings growth, a tiny upside in multipliers and dividend is, in our opinion, sufficient. In light of this and our higher estimates, we revise our target price to EUR 9.20 (previously EUR 7.00) and reiterate our Accumulate recommendation.

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 Figures19.02.2021

202021e22e
Revenue108.6112.5115.8
growth-%4.6 %3.6 %3.0 %
EBIT (adj.)9.710.511.0
EBIT-% (adj.)8.9 %9.3 %9.5 %
EPS (adj.)0.110.140.15
Dividend0.050.050.06
Dividend %2.7 %12.6 %13.8 %
P/E (adj.)15.72.92.7
EV/EBITDA7.83.02.5

Forum discussions

Here are Aapeli’s comments on Exel’s new framework agreement The new significant framework agreement includes deliveries of composite cores ...
yesterday
by Sijoittaja-alokas
7
There’s a bit of upward pressure in the forecasts now. Interesting to see if this finally starts to translate into the EPS line next year.
12/17/2025, 8:33 AM
by TitoK
7
Good morning, forum members! More good news for the end of the year, even more composite cores are heading to Italy. https://www.inderes.fi/...
12/17/2025, 7:03 AM
by Lauri Haavisto
19
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
Find us on social media
  • Inderes Forum
  • Youtube
  • Facebook
  • X (Twitter)
Get in touch
  • info@hcandersencapital.dk
  • Bredgade 23B, 2. sal
    1260 København K
Inderes
  • About us
  • Our team
  • Careers
  • Inderes as an investment
  • Services for listed companies
Our platform
  • FAQ
  • Terms of service
  • Privacy policy
  • Disclaimer
Inderes’ Disclaimer can be found here. Detailed information about each share actively monitored by Inderes is available on the company-specific pages on Inderes’ website. © Inderes Oyj. All rights reserved.