Exel Industries - Further very strong growth in Q3 and good short-term visibility
Q3 sales ahead of our expectations, with organic growth continuing at over 15%.Towards a solid Q4, confirming the scenario of an improvement in margins in H2 in line with H1Upward revision of our full-year forecastsOrder book in the agricultural sector gives us visibility over the next 12 months, despite a less buoyant marketContinued good newsflow and very low valuationEXEL 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).
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