Exel Composites: A raft of new orders
Exel published its Q2 report yesterday. Growth was clearly brisker than we expected, but the operating result was below our estimates. The key causes of joy in the report were undoubtedly related to excellently developed new orders, another record-high order book, and, thus, the short-term order situation looking better than before. Also looking further ahead there are a lot of opportunities and Exel’s own structural characteristics do not, in our opinion, place any restrictions on utilizing these opportunities. We consider the annual risk-adjusted return expectation consisting of the expected earnings growth and small dividend good 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 Figures20.07.2021
2020 | 21e | 22e | |
---|---|---|---|
Revenue | 108.6 | 123.6 | 128.6 |
growth-% | 4.63 % | 13.85 % | 4.00 % |
EBIT (adj.) | 9.7 | 10.2 | 12.1 |
EBIT-% (adj.) | 8.94 % | 8.24 % | 9.38 % |
EPS (adj.) | 0.47 | 0.60 | 0.71 |
Dividend | 0.20 | 0.22 | 0.24 |
Dividend % | 2.71 % | 13.25 % | 14.46 % |
P/E (adj.) | 15.67 | 2.76 | 2.33 |
EV/EBITDA | 7.79 | 3.09 | 2.35 |