WOOD Flash – Pfleiderer: 2Q18 results – on track to meet our full-year goal
Pfleiderer’s 2Q18 results are in line with its previously announced preliminary results. Revenues grew by 4% yoy, mainly on a price hike and a changing product mix towards more value-added boards. On the other hand, volumes were down slightly yoy and the company has built up an inventory worth c. EUR 6m, according to our estimates. The EBITDA came in at EUR 32.9m, 7% lower yoy; however, if we adjust the results for the EUR 5.5m positive one-off in 2Q17, we arrive at adjusted EBITDA growth of 12% yoy. The CEO mentioned during the conference call that the outlook for 2H18E remains strong, as market conditions are still good. The company is continuing to struggle with growing materials prices, but this growth should be passed onto its customers, just as in 1H18. The CEO mentioned that Pfleiderer will be working hard to beat the current full-year 2018E EBITDA consensus of EUR 142.5m (our forecast: EUR 145m). He also maintained the strategic target for 2021E, to reach sales of EUR 1.2bn and EBITDA of EUR 200m. We see these results as rather neutral, and we remain comfortable with our full-year EBITDA forecast, given the CEO’s statement that the current consensus is at least achievable. Pfleiderer trades currently at our 2018E adjusted EV/EBITDA of 6.5x vs. its five-year average of 7.2x.Pfleiderer Grajewo, through its subsidiaries, engages in the manufacture and veneering of wood and wood-based products, and impregnation of paper in Poland and internationally. Co. is also involved in the manufacture of melamine-faced, raw chipboards, laminated and raw HDF boards, worktops, high-pressure laminates (HPL), MFP panels, finish foils, adhesive resins and other wood and wood-based products; production of materials from wood waste; wholesale of own and third-party products; and generation and distribution of heat.
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