Exel: Slow progress in a sluggish market
Exel's Q4 figures were consistently below our forecasts, while the guidance for this year, indicating revenue growth and a significant increase in operating profit, was in line with our expectations. Therefore, we made only minor operational forecast changes for the next few years. However, given the still weak market outlook and the company's challenging balance sheet situation, we believe that the stock's risk/reward ratio will remain weak over the next 12 months.
