Deceuninck FIRST LOOK: 1H25 adj EBITDA -16%, no precise guidance
Deceuninck reported a 16% drop in 1H adj EBITDA, about 6% below our forecast and 5% below consensus. The environment is expected to remain challenging in Turkiye, with the US showing some early signs of improvement. We will probably revise our estimates slightly downwards. While acknowledging the cyclical character of Deceuninck, we expect support from the EU Green Deal in the coming years while also Recycling activities still have significant structural growth potential. Valuation is clearly attractive and we reiterate our BUY rating and €4.2 TP.Deceuninck is an international designer and manufacturer of PVC systems for windows and doors, cladding & roofline, interior and garden applications. The basic technology used by Co. is extrusion of PVC and patented Twinson composite material. The production process includes compounding, tool manufacturing, extrusion of gaskets and profiles, printing, PVC lamination and the patented Decoroc coating technology. Co. is active in more than 75 countries across Europe, North America and Asia and maintains nine PVC extrusion facilities capable of processing 260,000 tons of compound.
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