Recticel Feedback conference call
Below are the highlights from the conference call. FY23 adjusted EBITDA dropped by 39% to 39.2m, which was at the high end of the 35-40m guidance range and slightly better than our and consensus forecasts which were close to the midpoint of the guidance range. Recticel did not give a precise 2024 guidance but expects a significant increase in adjusted EBITDA, which is incorporated in our and consensus forecasts, partly on the consolidation effect of the recently acquired Rex business. After the share price rebound of the past few months (+14% in past 3 months) and taking into account that our target price has been reached, we have lower our rating this morning from Accumulate to Hold, with an unchanged TP (€ 11).Recticel is engaged in the production of a variety of polyurethane foams that are used in the furniture, technical, automotive, bedding and insulation industries. The Flexible Foam Business Line covers the manufacture, conversion and marketing of flexible polyurethane foam. The types of flexible foams are classified as Comfort, Technical Foams and Composite Foams. Co. is also engaged in the manufacture of foams used in mattresses and slat bases. In addition, Co. manufactures rigid polyurethane and phenolic foams for thermal insulation. Co.'s automotive activities include: manufacturing moulded seat cushions, window encapsulation and manufacturing interior trim components.
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