Plastivaloire - PVL - Much better than expected on cash generation, but still challenges on productivity and debt
PVL reported 2022/23 performance in line with expectations, with a significant turnaround in working capital, which is good news for the company.Overall, the message is one of caution, but still one of improving the balance sheet for the new financial year.The plan will have to run smoothly, with 30 new launches expected, compared with 10 last year.Some improvement, even if not all the wounds have healed and the risk of newsflow has not disappeared.We remain at REDUCE while awaiting confirmation of our efforts on cash, especially as we are still cautious about the sector, and in particular equipment manufacturers.Plastiques du Val de Loire SA is a France-based company that specializes in the manufacture of complex plastic parts. Using the injection process the Company processes thermoplastic petroleum granules into parts for use in such sectors as television and audio, automobile, telecommunications, electrical, construction and gardening. The Company's portfolio of products includes vehicle interiors, front-end modules, under-bonnet parts, lighting and signaling, ovens, remote controls, household electrical switchers, among others. Plastiques du Val de Loire SA is operational through several subsidiaries, including Creutzwald Injection SAS, Cardonaplast, Tunisie Plastiques Systemes, Elbromplast, Karl Hess, Duna Injection Real Estate, Automotive Plastics Rochefort, as well as Banque Populaire du Val de France, among others.
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