Recticel FIRST LOOK: 3Q LFL revenue growth +6%, FY guidance maintained
3Q revenue growth accelerated to 6% on a like for like basis, with revenue of € 156.6m slightly above our and consensus forecasts. Recticel reiterated its FY guidance of around € 50m adjusted EBITDA. Although we do believe in the longer term growth prospects of the insulation market, short term multiples are not particularly appealing with EV/EBITDA25e of c 10x and so we reiterate our Hold rating for now.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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