Deceuninck - Beat fully driven by Turkey
Sales declining by 11% but this was less than expected mainly driven by Turkey and to a lesser extent by Europe whereas the US was belowThe surprise mainly came from adj. EBITDA beating our expectations by 11%. However, this was fully driven by a whopping performance of Turkey whereas both Europe and the US were below expectations. Turkey represented 65% of FY adj. EBITDA as a resultBottom line results were impacted by the hyperinflation effect on the financials line as well as >EUR 20m restructuring provision for Germany.We stick to our BUY rating and will fine-tune our estimates following today'sDeceuninck is an international designer and manufacturer of PVC systems for windows and doors, cladding & roofline, interior and garden applications. The basic technology used by Co. is extrusion of PVC and patented Twinson composite material. The production process includes compounding, tool manufacturing, extrusion of gaskets and profiles, printing, PVC lamination and the patented Decoroc coating technology. Co. is active in more than 75 countries across Europe, North America and Asia and maintains nine PVC extrusion facilities capable of processing 260,000 tons of compound.
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