Edison Investment Research - Thrace Plastics Holding And Commercial Societe Anonyme (PLAT) Thrace Group - Resilient business model in a challenging market

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Edison Investment Research

Toby Thorrington

Thrace Group - Resilient business model in a challenging market

Thrace Group’s Q123 results highlight continued growth in underlying adjusted EBITDA (excluding personal protective equipment (PPE) related products), as it increased by 4% and 22% compared to Q122 and Q120 (pre-PPE boost) respectively. Despite a modest drop in Q123 volumes of 4%, management anticipates sustained continuing profitability in Q223. Management expects H123 EBITDA from the traditional portfolio to be in line with previous years’ levels at around €25m, which is consistent with our forecasts, which remain unchanged. As mentioned in our recent note, we value the company at €8.23 per share, implying plenty of upside potential.

21/06/2023 1 EN

Underlying

Thrace Plastics Holding And Commercial Societe Anonyme

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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GRS239003007 Greece

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Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Toby Thorrington

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Thrace Group - Resilient business model in a challenging market

Thrace Plastics Holding And Commercial Societe: 1 director

Thrace Plastics | Resilient in a precarious backdrop

AGBA - A transformational deal

Biodexa Pharmaceuticals - In a period of transition

Norcros - Sale of Johnson Tiles UK agreed

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