Delta Plus Group - Record results and good cash generation in 2023, but a demanding valuation
2023 results up, in line with our expectations and even slightly ahead of management's expectationsThe Group forecasts continued organic growth and maintained margins in 2024, but the start of the year is proving more difficult with a demanding base effectWe maintain our forecast scenario for 2024 and our target price of €76/share.The sharp rise in the share price in recent months has resulted in high multiples, prompting us to adopt a Reduce opinion on the stock (vs. Add previously), especially as growth momentum is becoming less positive.Delta Plus Group designs, standardizes, manufactures and markets personal protective equipment (E.P.I.) in Europe and in the rest of the world. Co.'s main activity sectors include BTP (Building and Public Works), activities in oil & gas and the heavy industry, offering products that meet the needs of different trades and activities such as wind power, logistics, the agri-food sector, the medical sector and the craft sector. Its portfolio consists of about 1,500 products, corresponding to more than 8,000 references. Co. divides its E.P.I. products into five main categories: Head Protection, Hand Protection, Body Protection, Feet Protection, and Anti-Fall Products.
We are an investment house with Belgian roots founded on more than 150 years of trust.
As a private company owned by long-term committed shareholders, we are independent. Naturally and structurally. Our experts have the knowledge to think and act without bias, and to make decisions that benefit our clients. Today and tomorrow.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.