Belysse 4Q23 adj. EBITDA margin recovers on raw materials & cost savings
4Q adjusted EBITDA jumped by 36% with the adjusted EBITDA margin up by c 5 percentage points, with weak volumes being offset by lower raw materials costs and cost savings. Whilst leverage is still very high, Belysse has turned the corner on profit delivery. Valuation is attractive and prompts us to reiterate our Accumulate rating, albeit with a lowered target price of € 1.6 (down from € 2.0).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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