Deceuninck FIRST LOOK: Better than expected FY23 EBITDA (+15%) due to Turkey
Deceuninck reported a 15% FY adj EBITDA growth which was however partly supported by hyperinflation accounting effects. Excluding this, adj EBITDA was c 6% better than our forecast and 5% above consensus, fully attributable to the strong Turkish performance. While acknowledging the cyclical character of Deceuninck, we expect significant support from the EU Green Deal in the coming years while also Recycling activities still have significant structural growth potential. Valuation is attractive and prompts us to reiterate our Accumulate rating.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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