Recticel FIRST LOOK: FY24 adj EBITDA +27%, no precise FY25 guidance
Recticel posted a FY24 adjusted EBITDA growth of c 27% to € 49.6m, in line with the c € 50m guidance whilst being 3% below our forecast and c. 5% below consensus. The company does not yet provide a quantitative guidance on FY25, but mentioned that order books are solid and some signs of cyclical improvement are visible. The company is launching a sizeable, € 50m greenfield project in North America. While we still believe in the strategic attractiveness of Recticel's (mainly) polyurethane focussed insulation offering, we deem valuation is about fair and we maintain our Hold rating and € 11 target price 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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