RECTICEL - The end game has now finally begun
Recticel’s agreement to sell Engineered Foams to Carpenter and the inherent strategy change towards a pure Insulation play is a bold attempt to fend off Greiner’s meagre € 13.5 per share bid. Greiner still has cards to play with, incl. the deal on Bois Sauvage’s 27% stake, but will have to significantly up its bid to block an Engineered Foams sale to Carpenter. The new potential pathway to create a pure Insulation play now seems the best way to maximize shareholder value, prompting us to raise our SOTP assumptions and our TP from € 16 to € 18.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.