Exel Composites: Tightening the screw
Yesterday, Exel published its Q4 report. Growth was strong, but known drawbacks made performance difficult. This year, Exel starts out in an acceptable position and if the performance is straightened out the share is not impossibly priced. However, the uncertainty surrounding the performance leap is still high, and therefore we do not feel the annual risk-adjusted expected return is high enough.
Exel Composites
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.
Read more on company pageKey Estimate Figures2022-02-16
2021 | 22e | 23e | |
---|---|---|---|
Revenue | 134.4 | 135.0 | 140.4 |
growth-% | 23.75 % | 0.49 % | 4.00 % |
EBIT (adj.) | 6.0 | 8.2 | 10.5 |
EBIT-% (adj.) | 4.49 % | 6.10 % | 7.44 % |
EPS (adj.) | 0.29 | 0.45 | 0.59 |
Dividend | 0.20 | 0.22 | 0.24 |
Dividend % | 2.47 % | 13.46 % | 14.68 % |
P/E (adj.) | 27.53 | 3.61 | 2.76 |
EV/EBITDA | 14.75 | 3.76 | 2.97 |