Deceuninck FIRST LOOK: Taking full ownership of alu JV increases strategic flexibility
Taking full ownership of the aluminum profiles JV So Easy – Decalu is a fairly small transaction but gives Deceuninck the strategic flexibility to further grow its presence in aluminum next to the legacy PVC window profiles business. We remind that Deceuninck recently reported a flat FY24 adj. EBITDA whilst market conditions for FY25 are expected to remain challenging. 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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