Exel Industries: Stronger than expected
The rebound was announced, but was to be modest. It was much stronger than expected. Over the last quarter of its fiscal year (the third quarter of 2020), the agricultural equipment group's sales rose 13.1% y-o-y (up 7.7% at constant exchange rates and comparable perimeter). This increase thus limited the decline in sales to just 2.9% over 12 months. This excellent momentum leads us to revise upwards our earnings estimates for the financial year 09/2020 and reinforces our BUY conviction in the stock.
EXEL Industries designs and manufactures precision spraying equipment that it markets to three markets: farming, industry and consumers. Co. organizes its operations into two divisions: Plant Protection (manufactures professional, semi-professional and consumer agricultural spraying equipment for plant protection; plant health products sprayed include herbicides, insecticides, fungicides, liquid fertilizers and other products) and Material Protection (supply of material protection products in two different areas: paint and viscous industrial product application equipment; and elimination of dust and odors).
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