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Exel Composites: Doing the right things the right way

Exel Composites
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Exel published its Q1 report on Friday. The company started the year with good growth and clearly better-than-expected performance. The measures taken to turn around the US unit seem to have been the right ones and carried out the right way. We think that the return/risk ratio justifies owning the share again.

Exel Composites

1.5EUR2022-04-29 18:00
1.661EURTarget price
Accumulate
Changed from:Reduce
Recommendation updated:2022-05-02

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.

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Key Estimate Figures2022-05-02

202122e23e
Revenue134.4136.8142.3
growth-%23.7 %1.8 %4.0 %
EBIT (adj.)6.08.410.5
EBIT-% (adj.)4.5 %6.1 %7.4 %
EPS (adj.)0.070.110.14
Dividend0.050.050.06
Dividend %2.5 %14.5 %15.9 %
P/E (adj.)27.53.22.5
EV/EBITDA14.83.73.1
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