Financials Recticel NV

Equities

Market Closed - Euronext Bruxelles Other stock markets 11:35:22 2024-04-26 am EDT			5-day change	1st Jan Change
12.12 ^EUR	+1.17%		+4.30%	+14.34%

Apr. 11	Recticel Secures SBTi Validation for Net-zero Targets	MT
Feb. 29	Recticel SA/NV Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	350.8	457.6	593.6	974.8	868.4	677.6	677.6	-
Enterprise Value (EV) ¹	435.4	626.9	598.2	1,123	1,117	592.6	581.5	554.3
P/E ratio	12.1 x	18.5 x	9.49 x	17.9 x	13.6 x	177 x	33.9 x	22.2 x
Yield	3.76%	2.89%	2.43%	1.66%	1.99%	2.92%	2.59%	2.29%
Capitalization / Revenue	0.31 x	0.44 x	0.72 x	0.94 x	1.55 x	1.12 x	1.14 x	1.12 x
EV / Revenue	0.39 x	0.6 x	0.72 x	1.09 x	1.99 x	1.12 x	0.98 x	0.92 x
EV / EBITDA	4.19 x	5.47 x	10.2 x	10.3 x	18 x	15.1 x	12.1 x	9 x
EV / FCF	28.8 x	38.5 x	-28.3 x	11.1 x	41.5 x	20.9 x	31.6 x	19 x
FCF Yield	3.47%	2.6%	-3.54%	9.01%	2.41%	4.79%	3.16%	5.27%
Price to Book	1.32 x	1.67 x	1.78 x	2.53 x	1.98 x	1.37 x	1.55 x	1.49 x
Nbr of stocks (in thousands)	54,900	55,071	55,373	55,637	55,882	55,904	55,904	-
Reference price ²	6.390	8.310	10.72	17.52	15.54	12.12	12.12	12.12
Announcement Date	2/28/19	2/28/20	2/26/21	2/25/22	2/28/23	2/29/24	-	-

¹EUR in Million²EUR

Estimates

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	1,118	1,039	828.8	1,033	561.5	529.4	595.9	605.1
EBITDA ¹	103.8	114.7	58.84	109.2	62.2	39.15	48.24	61.6
EBIT ¹	63.3	51.2	23.5	66.1	43.11	15.9	24.54	37.1
Operating Margin	5.66%	4.93%	2.84%	6.4%	7.68%	3%	4.12%	6.13%
Earnings before Tax (EBT) ¹	39.1	28.92	-1.5	35.13	26.16	-1.002	28.56	43.39
Net income ¹	28.8	24.76	63.2	53.52	63.18	3.31	17.77	26.57
Net margin	2.58%	2.38%	7.63%	5.18%	11.25%	0.63%	2.98%	4.39%
EPS ²	0.5300	0.4500	1.130	0.9800	1.140	0.0600	0.3575	0.5450
Free Cash Flow ¹	15.1	16.28	-21.17	101.2	26.9	28.38	18.4	29.2
FCF margin	1.35%	1.57%	-2.55%	9.8%	4.79%	5.36%	3.09%	4.83%
FCF Conversion (EBITDA)	14.55%	14.19%	-	92.66%	43.26%	72.49%	38.14%	47.4%
FCF Conversion (Net income)	52.43%	65.74%	-	189.05%	42.58%	857.43%	103.56%	109.91%
Dividend per Share ²	0.2400	0.2400	0.2600	0.2900	0.3100	0.3100	0.3133	0.2775
Announcement Date	2/28/19	2/28/20	2/26/21	2/25/22	2/28/23	2/29/24	-	-

¹EUR in Million²EUR

Estimates

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	84.6	169	4.58	148	248	-	-	-
Net Cash position ¹	-	-	-	-	-	145	96.1	123
Leverage (Debt/EBITDA)	0.815 x	1.476 x	0.0778 x	1.354 x	3.995 x	-	-	-
Free Cash Flow ¹	15.1	16.3	-21.2	101	26.9	28.4	18.4	29.2
ROE (net income / shareholders' equity)	15.5%	12.6%	20.7%	14.8%	15.1%	0.75%	5.1%	7.6%
ROA (Net income/ Total Assets)	-	-	-	-	-	-	-	-
Assets ¹	-	-	-	-	-	-	-	-
Book Value Per Share ²	4.830	4.980	6.030	6.930	7.850	7.750	7.820	8.120
Cash Flow per Share ²	1.050	1.210	0.0600	2.000	0.6500	0.8300	0.8200	1.050
Capex ¹	42.3	50.5	24.3	11.5	9.75	18.5	21.5	20.7
Capex / Sales	3.78%	4.86%	2.93%	1.12%	1.74%	3.5%	3.61%	3.42%
Announcement Date	2/28/19	2/28/20	2/26/21	2/25/22	2/28/23	2/29/24	-	-

¹EUR in Million²EUR

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

B-

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

12.12 EUR

Average target price

12.83 EUR

Spread / Average Target

+5.89%

	1st Jan change	Capi.
RECTICEL NV	+14.34%	723M
AIR LIQUIDE	+5.14%	103B
SAUDI BASIC INDUSTRIES CORPORATION	-5.63%	63.04B
PT CHANDRA ASRI PACIFIC TBK	+39.52%	39.06B
WANHUA CHEMICAL GROUP CO., LTD.	+12.91%	37.58B
LYONDELLBASELL INDUSTRIES N.V.	+7.41%	33.24B
WESTLAKE CORPORATION	+6.85%	19.22B
NINGXIA BAOFENG ENERGY GROUP CO., LTD.	+12.86%	16.83B
HENGLI PETROCHEMICAL CO.,LTD.	+16.93%	14.96B
RONGSHENG PETROCHEMICAL CO., LTD.	+7.73%	15.03B