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Analyse

Exel Composites: Picking up speed below our earlier expectations

Af Aapeli PursimoAnalytiker
Exel Composites
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Exel's Q2 results were well in line with our expectations, but the overall picture of the report turned disappointing with a soft order intake. We expect momentum to come from lower levels than previously expected and have lowered our growth and earnings estimates for the coming years due to the uncertainty surrounding the rate and timing of the recovery in demand. Expectations for the stock are not high in light of the historical earnings level, but with increased uncertainty about earnings growth prospects, the valuation is not attractive for further purchases in the short term.

Exel Composites is a manufacturing company. The company manufactures and markets compound composites that are used in demanding industrial environments. In addition to the main business, lamination and extrusion are also performed. The largest presence is in 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 Figures21.08.2023

202223e24e
Omsætning137,0108,8122,9
vækst-%1,9 %-20,6 %13,0 %
EBIT (adj.)8,02,04,6
EBIT-% (adj.)5,9 %1,8 %3,7 %
EPS (adj.)0,15-0,030,03
Udbytte0,050,010,01
Udbytte %3,7 %3,1 %3,1 %
P/E (adj.)8,8neg.11,5
EV/EBITDA9,46,34,7
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