Deceuninck FIRST LOOK: Flat FY24 adjusted EBITDA, nice debt reduction in 2H24
Deceuninck reported a flat FY24 adj. EBITDA which was slightly below our and consensus forecasts, whilst outperforming on FCF generation with net debt nicely reduced after a 1H24 pick up on working capital reduction. Market conditions are expected to remain challenging, whilst we expect Deceuninck to see additional support from the recent German restructuring. 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 target price.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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