Recticel FIRST LOOK: Solid 1Q top line growth, no precise FY25 guidance
Recticel has seen a good start of the year, with a better than expected 12.7% top line growth in 1Q. The company still does not provide a quantitative guidance on FY25, but importantly is seeing some price increases in Insulation Boards. 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 TP.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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