Belysse 1H24 adjusted EBITDA +75%, allowing leverage to drop to 3.2x
1H revenue declined by 8.3%, reflecting lower demand in both Europe and the US. Despite the weak demand, 1H Adjusted EBITDA improved by 75% on the back of lower COGS and reduced fixed costs. Importantly, the higher EBITDA is resulting in a significant decline in net leverage (to 3.2x). Valuation is attractive and prompts us to reiterate our Accumulate rating and € 1.6 target price.Balta Group NV is a Belgium-based company engaged in the home furnishings industry. The Company is a producer of textile floor coverings in Europe. Its products portfolio encompasses: woven and tufted area rugs (balta home), wall-to-wall carpets and residential carpet tiles (balta carpets and ITC), wall-to-wall contract carpet and commercial carpet tiles (arc edition, modulyss and Bentley), and needle felt and technical non-wovens (Captiqs). It has several production sites worldwide in the domestic market, Turkey and the United States. In addition, Balta Group NV delivers customer-focused approach to its business and is engaged in the solar panel projects in the Benelux region in order to supply renewable energy to fuel its production facilities.
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