contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Analyst

Aapeli Pursimo

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.

Here is a new company report from Aapeli following the Q4 results  Exel’s Q4 operational performance fell short of our expectations, while its order intake reached a record level. In its guidance, the company paved the way for rapid growth in the current year but expected growth to be more heavily weighted toward the second half of the year. Due to the verbal guidance, there is uncertainty regarding the growth trajectory, but we interpret the growth outlook for the early part of the year to be more moderate than our previous expectations. Consequently, our forecasts for the current year were revised downwards, while we kept our forecasts for the coming years almost unchanged. In our view, the stock is largely fairly priced for the current growth phase, which is still in its early stages and involves uncertainties.                   Inderes              Exel Composites Q4'25: Kasvu kiihtyy, mutta kulmakerroin on kysymysmerkki -...    Exelin Q4:n operatiivinen kehitys jäi odotuksistamme, kun taas sen tilauskertymä oli ennätystasolla.

Of course. A contract is a contract and purchases are made at the point when they are needed. Conductor core contracts likely won’t stop here. Exel is in a good position, I really have to take my hat off to the strategy. Exel is completely different now than it was 5-10 years ago.

Very good. Exel will be able to do longer production runs and predictability will improve.

In these conductor core projects, I think agreeing on a minimum level is a good thing, however.  The end customer’s installation schedules naturally determine the delivery schedule, and that can take time while infrastructure is being built, even if the masts are old. I suppose the guidance of ”significant” can be interpreted as strong single-digit growth or higher.  Somehow Exel’s 60 million market cap (despite the debt) is starting to look cheap, even without a particularly significant improvement

Agreed. They should just be honest and admit they have no bargaining power. It also became clear that the customer holds the power regarding the timing of conductor core contracts. The lack of guidance is the cherry on top: they genuinely don’t know where the year is headed, so they aren’t providing any guidance. Quite understandable, but the beating around the bush is completely unnecessary.

This. Plus a half-hour interview  Also, why the need to start fumbling when asked about accounts receivable. It’s obvious that some large accounts simply had bargaining power. For example, have carrots been offered in the other direction in framework agreements?

Feeling pretty much the same here. Well, at least the CEO didn’t try to pump the share price by talking — points for that  But I really have to wonder: why pay Inderes for visibility and interviews if you manage to say… next to nothing in the interview?  At that point, you might as well save both the money and the words.

Exel Composites

Yesterday, Exel lowered its revenue guidance for the current year, which did not come as a surprise given the sluggish start to the year. The company also announced the restructuring of its US operations, in connection with which it will take a significant write-down for Q4. Combined with the current market situation, performance and already high leverage, we believe this increases the risks to the balance sheet.

<p>Yesterday, Exel lowered its revenue guidance for the current year, which did not come as a surprise given the sluggish start to the year. The company also announced the restructuring of its US operations, in connection with which it will take a significant write-down for Q4. Combined with the current market situation, performance and already high leverage, we believe this increases the risks to the balance sheet. Reflecting this and the negative forecast changes we have made, we believe that the risk/return ratio for the stock has turned very poor for the next 12 months. </p> 

	2022	23e	24e
Revenue	137.0	100.9	109.2
growth-%	1.9 %	-26.4 %	8.3 %
EBIT (adj.)	8.0	-1.0	2.9
EBIT-% (adj.)	5.9 %	-1.0 %	2.6 %
EPS (adj.)	0.15	-0.08	0.01
Dividend	0.05	0.00	0.00
Dividend %	3.7 %
P/E (adj.)	8.8	neg.	41.7
EV/EBITDA	9.4	11.0	6.2

Exel: Balance sheet creaks at the seams

Key Estimate Figures2023-10-19

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