Exel Industries - Valuation still low despite solid results
Organic growth of 3% in H1, driven by agriculture and industryOperating margin stable, although we were expecting a slight improvement. Improvement in margin on cost of goods sold, but higher-than-expected rise in overheadsSignificant slowdown in order intake in the agricultural sector, but the low point in sales appears to be approachingThe other businesses are holding up well, and the implementation of cost-cutting measures should enable us to stabilise our results.The discount of more than 20% on the NAV still seems unjustified to us.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).
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