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Q2 margins declined pretty much as expectedSales mix (tilt to carbon fibers) as well as volumes continued to improve and Q2 top line grew by 23% y/y.
Exel Composites’ Q2 report was throughout better than we expected. Absolute profitability remained higher than we estimated as top line development was once again very strong.
Exel’s record Q1 orders surprised. In our view the next quarters’ orders determine how much forward-look the multiples warrant. Our TP is EUR 11, now rate HOLD (BUY).Earnings multiples have already rerated for a valid reason Exel is valued ca.
Exel’s Q1 report was close to our expectations in terms of top line and profitability. Order intake was very high.
Exel Composites’ Q4 top line was slightly above estimates, but the strong profitability was a clear positive surprise. The overall impression is very solid.