Exel Industries

EXEL Industries designs and manufactures precision spraying equipment that it markets to three markets: farming, industry and consumers. Co. organizes its operations into two divisions: Plant Protection (manufactures professional, semi-professional and consumer agricultural spraying equipment for plant protection; plant health products sprayed include herbicides, insecticides, fungicides, liquid fertilizers and other products) and Material Protection (supply of material protection products in two different areas: paint and viscous industrial product application equipment; and elimination of dust and odors).
  • TickerEXE
  • ISINFR0004527638
  • ExchangeEuronext Paris
  • SectorIndustrial Engineering
  • CountryFrance
Julien Onillon

Exel Industries: An earlier rebound

Like many others, affected by the Covid-19 crisis, the agricultural equipment group reported a sharp drop in sales in the second quarter of 2020 (3rd fiscal quarter). At constant scope and exchange rates, Exel Industries' revenues fell by 10.4%. This is a significant drop but it is much less than one might have feared. Above all, Exel Industrie is expected to post an increase in activity in the third calendar quarter. This rebound was expected but it comes earlier than we anticipated.

Julien Onillon

Exel Industries: An earlier rebound

Like many others, affected by the Covid-19 crisis, the agricultural equipment group reported a sharp drop in sales in the second quarter of 2020 (3rd fiscal quarter). At constant scope and exchange rates, Exel Industries' revenues fell by 10.4%. This is a significant drop but it is much less than one might have feared. Above all, Exel Industrie is expected to post an increase in activity in the third calendar quarter. This rebound was expected but it comes earlier than we anticipated.

Jean-François Granjon

Exel Industries : Very gradual pick-up, low visibility over 2021

>Q3/9M revenues beat our expectations - Exel Industries reported Q3 revenues of € 210.4m (€ 173.8m estimated) vs € 225m, down 6.4% and 10.4% on an organic basis. 9M revenues were down 8.6% and -11.2% organically. This third quarter is in line with H1 (-11.7% organically). Over this quarter, Industrial Spraying was the worst hit division (-18% and -37.5% organically). Conversely, the pleasant surprise, which explains most of the difference in relation to our estimates,...

Jean-François Granjon

Exel Industries : Une amélioration très progressive – Faible visibilité pour 2021

>Publication du CA T3 / 9 mois supérieur à nos attentes - Exel Industries publie un CA T3 de 210.4 M€ (173.8 M€ estimé) vs 225 M€ en baisse de 6.4% et de 10.4% en organique. Aussi, au titre des 9 mois, la baisse ressort à 8.6% et 11.2% en organique. Ce 3ème trimestre s’inscrit dans la lignée du semestre (-11.7% en organique). Au cours de ce trimestre, la division la plus impactée est la pulvérisation industrielle (-18% et -37.5% en organique). A contrario, la bonne s...

Julien Onillon

Exel Industries: Bouncing back

For the first time in its history, the family-owned farm equipment company Exel Industries is no longer directly managed by a family member but, more importantly, will record very heavy losses. These losses are due partly, but not only, to the COVID crisis. The company has faced declining markets for several years. It has suffered the consequences of a drop in agricultural prices since 2012/2013 in particular, but has also felt the effects of environmental constraints aimed at limiting agricultural spraying. Now is therefore the time to buy!

Jean-François Granjon

Exel Industries : Interim earnings down as expected but goodwill impairment booked

>Interim results release - Exel Industries reported H1 2019-20 broadly in line at the underlying operating profit level although in negative territory. The underlying operating loss reached -€ 1.1m (+€ 0.7m estimated) vs € 5m, with sales down 9.9% and 11.7% on an organic basis. Group earnings were significantly impacted by goodwill impairment of € 26m and forex losses of € 4.4m. All told, the group reported a net loss of -€ 36.4m (-€ 0.5m estimated) vs +€ 1.2m. §...

Emmanuel Matot ...
  • Fatma Ayachi
  • Jean-François Granjon
  • Samantha Jeary
  • Stephane Houri
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 06/02/2020

Mauna Kea is a medtech focused on in vivo microscopic imaging. The group aims to revolutionise diagnosis via its Cellvizio® system. Indeed, Cellvizio® presents a unique value proposition by facilitating the real-time observation of tissues at a microscopic scale and helping physicians to accurately target biopsies. The current share price, which reflects the temporary negative impact of COVID-19 on the company's business, presents an attractive entry point to play the extension of the...

Fatma Ayachi ...
  • Jean-François Granjon
  • Martial Descoutures
  • Samantha Jeary
  • Sebastien Malafosse
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 02/06/2020

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Alain William ...
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  • Charles Lepetitpas
  • Christophe Chaput
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • Geoffroy Michalet
  • Hana Maalej
  • Hela Zarrouk
  • Jean-François Granjon
  • Jeremy Garnier
  • Jerôme Bodin
  • Martial Descoutures
  • Nicolas David
  • Nicolas Thorez
  • Oussema Denguir
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 04/29/2020

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EXEL INDUSTRIES reduced its risk exposure resulting in an upgrade to Slightly Positive

EXEL INDUSTRIES (FR), a company active in the Commercial Vehicles & Trucks industry, reduced its market risk and raised its general evaluation. The independent financial analyst theScreener awarded an improved star rating to the company, which now shows 2 out of 4 possible stars; its market behaviour has improved and can be considered as defensive. theScreener believes that this new assessment merits an overall rating upgrade to Slightly Positive. As of the analysis date July 28, 2020, the closing price was EUR 36.50 and its potential was estimated at EUR 45.77.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the we...

Jehanne Leroy

Exel Industries - Assemblée Générale Mixte des actionnaires du 12 Mars 2020

Le montant des rémunérations ex-post des dirigeants ne sont pas excessifs, mais l'absence de communication concernant les rémunérations variables annuelles ne permet pas à Proxinvest de soutenir les résolutions 9, 10 et 12. De plus, comme l'année précédente, la politique de rémunération des mandataires sociaux pour l'exercice à venir ne communique pas les montants fixes. Ceci constitue un manquement que Proxinvest sanctionne par une recommandation négative en résolution 7. La société propose la nomination de Cyril Ballu, Directeur Général Délégué du groupe, et membre de la famille Ballu déten...

Jehanne Leroy

Exel Industries - 7 Février 2019

Après avoir communiqué sa documentation à J-15 en 2017, et à J-19 en 2018, la société communique cette année à J-21. Cette amélioration est appréciée par Proxinvest. Concernant les rémunérations ex-post des dirigeants (pour la première fois mises aux voix), si globalement les montants ne sont pas excessifs, l’absence de communication concernant les rémunérations variables annuelles ne permet pas à Proxinvest de soutenir les résolutions 9 à 12. Ensuite comme l’année précédente, la politique de rémunération des mandataires sociaux ne comprend les rémunérations fixes. Ce manquement est sanctionn...

Jehanne Leroy

Proxy Report - AGM 07/02/2018

Dans cette partie extraordinaire de l'AG du 7 février 2018, la société propose notamment des augmentations de capital avec maintien du DPS, ce qui est bienvenu. Cependant, les autorisations demandées port sur plus de 370% du capital. Or, aucun projet justifiant de telles demandes n'est annoncé. Il n'est donc pas raisonnable d'autoriser la société à mettre en oeuvre ces délégations qui pourraient radicalement changer le profil de la société sans prendre connaissance dudit projet de la société.

Jehanne Leroy

Proxy Report - AGM 07/02/2018

Après avoir communiqué sa documentation à J-15 en 2017, la société communique cette année à J-19. Si cette amélioration est appréciable, en revanche, il n'en demeure pas moins que la société ne respecte pas la Loi. Ce manquement est, cette année encore, sanctionné par une recommandation négative dans l'approbation des comptes sociaux. Concernant la politique de rémunération des dirigeants (pour la première fois mise aux voix), si globalement, la communication de la société est plutôt claire, notamment sur le bonus annuel, on notera toutefois qu'elle ne communique pas les montants des rémunéra...

Etude de l'AG du 09/02/2017

A 15 jours de l'assemblée, la société n'a communiqué aucune information sur sa situation actuelle, à l'exception des résultats annuels en date du 20/12/2016. Les actionnaires ne sont donc pas informés correctement. Cette absence d'information constitue une violation de l'article R225‐73‐1 du Code de Commerce.Ce type de pratique est inacceptable et trahit indéiablement le peu de cas que la sociééfait de ses actionnaires, qui sont pourtant les propriéaires de la société.

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