Recticel - Anticipated earnings improvement is underway
• FY23 results were a bit better than anticipated.• Despite low visibility, Recticel is confident to ‘significantly' increase EBITDA in 2024, which is more or less as anticipated.• Following today's analyst meeting, we will fine-tune our estimates and review our target price. Hold reiterated.Recticel is engaged in the production of a variety of polyurethane foams that are used in the furniture, technical, automotive, bedding and insulation industries. The Flexible Foam Business Line covers the manufacture, conversion and marketing of flexible polyurethane foam. The types of flexible foams are classified as Comfort, Technical Foams and Composite Foams. Co. is also engaged in the manufacture of foams used in mattresses and slat bases. In addition, Co. manufactures rigid polyurethane and phenolic foams for thermal insulation. Co.'s automotive activities include: manufacturing moulded seat cushions, window encapsulation and manufacturing interior trim components.
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