Recticel - Q3 sales down 17.5%, guidance again cut
• Q3 was below expectations with sales down 17.5% vs. our -14% expected• Due to no pricing power in Boards, guidance is cut to EUR 35-40m EBITDA• Shares are in the doldrums, and we see no reason to alter our neutral stance today – We again cut our estimates and set our new TP at EUR 9.0Recticel 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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