Deceuninck - Performing strongly in tough conditions
Strong H1, driven by Turkey, shows that its Turkish unit remains very profitable and contributes to its cash generation. Europe and the US are still lagging but improvement is anticipated as from H2 2024 the latest in volume terms whereas US margins are coming back. Meanwhile, thanks to its self-help effect and FCF generation value creation is material for 2023-2025EFCF is expected to remain well above EUR 40m per annum or a FCF yield >12% levels. This is possible despite material capex spending of EUR 42-45m/annum. As this results in an unleveraged balance sheet (almost net cash as from 24E),Deceuninck 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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