Recticel - Divestment of Engineered Foams at EUR 454.1m vs. EUR 656m previously although at different perimeter
Recticel announces the new agreement with Carpenter but with a change in perimeter.Revised EV of EUR 454.1m vs. EUR 656m before which is an impact of EUR 3.6 p/s.Although, the impact on the EV is harsher than we expected we are relieved that the deal is finally behind us.The remaining group remains an excellent positioned player in the European Insulation market, which could now at last go on a buy and build spree given it has lined up numerous candidates.We may see some relief in the market. We will review our estimates and put our TP under review. Hold rating 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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