Recticel FIRST LOOK: FY22 EBITDA in line, no FY23 guidance at this stage
Including the 8-month contribution from Trimo, FY22 adjusted EBITDA increased by 28% to 62.2m, which was in line with our and consensus forecasts. Sales momentum slowed sequentially in 4Q. No FY23 guidance is provided at this stage. Importantly, management reiterated confidence in the Engineered Foams deal with Carpenter, of which closing is expected at the end of 1Q23. We expect a capital return and potentially also some other M&A activity after the expected closing and maintain our Accumulate rating.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.
We are a financial services provider for several types of professional clients, each with distinct needs.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.