Exel Industries - FY results even better than expected and good visibility
EBIT 2022/23 more than 20% ahead of our forecasts. Accelerated rebound in profitability in H2The reduction in net debt was also faster than we had anticipatedDespite the less buoyant environment in the agricultural sector, the order book provides visibility for the current financial yearBarring exogenous factors, Exel Industries will continue to enjoy organic growth in 2023/24, and operating profitability will be at least stableAs momentum is good and valuation is still very low (notably at a discount of more than 25% to the BV), we are confirming our BUY opinion and raising our target price to €71.EXEL 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.
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.