We reworked our model following the FY23 results, the AR publication and a NDR with management. FY23 operational CF performance was solid as expected. 2024 capex guidance exceeded our expectations while NWC management was considerably better than forecast. The 2028 targets were reconfirmed and -dixit management- could be outperformed considerably. The GWE acquisition is fast tracking the international expansion of Ekopak, the pioneer in circular decentralised process water.
Ekopak delivered a good operational performance over FY23 in line with expectations and the outlook drawn for 2024 matches our revenue forecasts. Below are key take-aways from the analyst call with CEO and CFO. Our first read of the press release made to much of the statement on strategy finetuning: the company has no intentions to do acquisitions in the short term.
Company updates written at the occasion of our annual Local Champions Mid Cap Event set to take place on Thursday, 14 December 2023 at our historic building at Grand Place in Brussels. This event offers the possibility to have one-on-one meetings and/or attend small group sessions with the top management of the below listed companies. AGFA | BARCO | BEKAERT | BIOTALYS | DECEUNINCK | EKOPAK | EVS | FAGRON | FLUXYS | IBA | ONTEX | TINC | XFAB
Last week Ekopak briefed investors on its recent acquisition of the engineering group Global Water & Energy (GWE) and gave more colour on the timing and structure of the giant WaaS project Circeaulair. The roll-out of this project and the acquisition of GWE prompted an update of the equity story with impressive 2028 sales & EBITDA guidance. In this note we explain how the acquisition of the non-WaaS engineering firm GWE combined with the operational take off of Circeaulair will shape the WaaS ro...
This morning Ekopak announced the acquisition of the Belgian Bruges based company Global Water & Energy (GWE). In 2022 GWE realised turnover of €30m and realised an EBITDA of €6m. As of today GWE will be part of the consolidation scope. Financing will be done through own funds and bank financing. At first glance revenue synergy potential seems very attractive due to complementarities in terms of product/technology, geographical exposure & industry segments.
This morning, Ekopak published its results of 2022. Ekopak grew revenue double digits to €17.7m vs. our expectation of €16.6. WaaS underperformed with €2.5m, while Non-WaaS outperformed vs. our expectations. REBITDA and Net profit FY22 were in line with our estimates. The outlook for revenue FY23 of 25-28m is above our estimate of €20.3m, but is partly attributable to the recent acquisition of H20. This French subsidiary will be fully consolidated for the first time and is expected to contribute...
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