Thrace Group - Demonstrable core growth as COVID-19 subsides
Thrace Plastics’ FY22e core product PBT (excluding the c €5m pandemic-related personal protective equipment (PPE) boost and one-off financial income of €4.6m) should be well ahead of pre-COVID levels. Future growth from the more sustainable core products should be driven by the 2020–22 €102m reinvestment of the temporary boost to cash flow during that period from the high-margin PPE sales. While Thrace faces challenges in FY23 in terms of demand and costs, we expect to see accelerating growth and positive cash flows as the company moves into FY24. We value Thrace at €8.59/share using peer-based EV/EBITDA multiples, which implies substantial upside potential, as does our DCF valuation of €7.86/share.Thrace Plastics Holding and Commercial SA Formerly known as Thrace Plastics Holding and Commercial Societe Anonyme. Thrace Plastics Holding and Commercial Societe Anonyme, formerly Thrace Plastics Co SA, is a Greece-based company engaged in the production and trade of plastic products, textiles and packaging materials. The Company's range of products are divided into three categories: Technical Fabrics & Fibers, which includes such products as woven and non-woven geotextiles, ground covers, crop covers, nets, roofing membranes, staple fibers, concrete reinforcement fibers, geogrids, Mega bag components and carpet and industrial yarns; Consumer Packaging, which offers plastic containers and lids, cups, tubs, bottles, bags for liquid packaging, as well as plastic packaging for food products, and Industrial Packaging, which includes ropes and twines, big bags, films, woven polypropylene bags, bags for heavy duty, pallet covers, and stretch hoods. The Company operates through its local and international subsidiaries.
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