Exel Industries - A solid end to the year and confidence for 2023/24
Q4 sales up 12%, of which +4% organic, in line with our expectationsVery good momentum in agricultural and industrial spraying, while gardening still suffersThe landing of sales confirms the scenario of improved margins in H2 in line with H1Good visibility in the agricultural sector for 2023/24 thanks to a full order book, and no trend reversal in the industrial sector40% discount on NAV, while debt remains under control, with gearing at 28% and leverage below 2xEXEL 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).
We are an investment house with Belgian roots founded on more than 150 years of trust.
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