Financials Recticel NV

Equities

Market Closed - Euronext Bruxelles Other stock markets 11:35:04 2024-05-08 am EDT			5-day change	1st Jan Change
13.28 ^EUR	+1.07%		+7.27%	+25.28%

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	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	457.6	593.6	974.8	868.4	592.6	742.4	-	-
Enterprise Value (EV) ¹	626.9	598.2	1,123	1,117	592.6	652.3	633.1	608.9
P/E ratio	18.5 x	9.49 x	17.9 x	13.6 x	177 x	35.9 x	24.4 x	19.9 x
Yield	2.89%	2.43%	1.66%	1.99%	2.92%	2.36%	2.11%	2.15%
Capitalization / Revenue	0.44 x	0.72 x	0.94 x	1.55 x	1.12 x	1.24 x	1.16 x	1.09 x
EV / Revenue	0.6 x	0.72 x	1.09 x	1.99 x	1.12 x	1.09 x	0.99 x	0.89 x
EV / EBITDA	5.47 x	10.2 x	10.3 x	18 x	15.1 x	12.4 x	9.68 x	8.28 x
EV / FCF	38.5 x	-28.3 x	11.1 x	41.5 x	20.9 x	35.5 x	21.7 x	18 x
FCF Yield	2.6%	-3.54%	9.01%	2.41%	4.79%	2.82%	4.61%	5.57%
Price to Book	1.67 x	1.78 x	2.53 x	1.98 x	1.37 x	1.7 x	1.63 x	1.56 x
Nbr of stocks (in thousands)	55,071	55,373	55,637	55,882	55,904	55,904	-	-
Reference price ²	8.310	10.72	17.52	15.54	10.60	13.28	13.28	13.28
Announcement Date	2/28/20	2/26/21	2/25/22	2/28/23	2/29/24	-	-	-

¹EUR in Million²EUR

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,039	828.8	1,033	561.5	529.4	597.5	639.4	681.8
EBITDA ¹	114.7	58.84	109.2	62.2	39.15	52.56	65.38	73.56
EBIT ¹	51.2	23.5	66.1	43.11	15.9	27.77	39.97	47.36
Operating Margin	4.93%	2.84%	6.4%	7.68%	3%	4.65%	6.25%	6.95%
Earnings before Tax (EBT) ¹	28.92	-1.5	35.13	26.16	-1.002	28.56	43.73	35.69
Net income ¹	24.76	63.2	53.52	63.18	3.31	18.4	26.73	32.4
Net margin	2.38%	7.63%	5.18%	11.25%	0.63%	3.08%	4.18%	4.75%
EPS ²	0.4500	1.130	0.9800	1.140	0.0600	0.3700	0.5450	0.6667
Free Cash Flow ¹	16.28	-21.17	101.2	26.9	28.38	18.4	29.2	33.9
FCF margin	1.57%	-2.55%	9.8%	4.79%	5.36%	3.08%	4.57%	4.97%
FCF Conversion (EBITDA)	14.19%	-	92.66%	43.26%	72.49%	35%	44.67%	46.08%
FCF Conversion (Net income)	65.74%	-	189.05%	42.58%	857.43%	100%	109.23%	104.63%
Dividend per Share ²	0.2400	0.2600	0.2900	0.3100	0.3100	0.3133	0.2800	0.2850
Announcement Date	2/28/20	2/26/21	2/25/22	2/28/23	2/29/24	-	-	-

¹EUR in Million²EUR

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	169	4.58	148	248	-	-	-	-
Net Cash position ¹	-	-	-	-	-	90.1	109	133
Leverage (Debt/EBITDA)	1.476 x	0.0778 x	1.354 x	3.995 x	-	-	-	-
Free Cash Flow ¹	16.3	-21.2	101	26.9	28.4	18.4	29.2	33.9
ROE (net income / shareholders' equity)	12.6%	20.7%	14.8%	15.1%	0.75%	5.1%	7.6%	8.7%
ROA (Net income/ Total Assets)	-	-	-	-	-	-	-	-
Assets ¹	-	-	-	-	-	-	-	-
Book Value Per Share ²	4.980	6.030	6.930	7.850	7.750	7.830	8.130	8.530
Cash Flow per Share ²	1.210	0.0600	2.000	0.6500	0.8300	0.8700	1.080	1.160
Capex ¹	50.5	24.3	11.5	9.75	18.5	21	22.2	23.5
Capex / Sales	4.86%	2.93%	1.12%	1.74%	3.5%	3.51%	3.47%	3.45%
Announcement Date	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

13.28 EUR

Average target price

12.88 EUR

Spread / Average Target

-3.05%

	1st Jan change	Capi.
RECTICEL NV	+25.28%	792M
AIR LIQUIDE	+5.92%	104B
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WANHUA CHEMICAL GROUP CO., LTD.	+18.29%	40.01B
LYONDELLBASELL INDUSTRIES N.V.	+7.47%	33.03B
WESTLAKE CORPORATION	+10.70%	20.11B
NINGXIA BAOFENG ENERGY GROUP CO., LTD.	+16.99%	17.52B
HENGLI PETROCHEMICAL CO.,LTD.	+20.27%	15.51B
RONGSHENG PETROCHEMICAL CO., LTD.	+10.05%	15.34B