Recticel/1H25 results: Insulation Boards still a drag/BUY

Recticel Conference call feedback & model update

Recticel has posted solid double digit top line growth in 1H25 with a flattish adj EBITDA margin. The € 27.7m adj EBITDA figure was c. 8% below our forecast and 7% below consensus. The fresh FY25 adjusted EBITDA guidance calls for c. 10% growth which was below our and consensus forecasts (of c. +24%). Positive is that building permit levels are starting to pick up in some geographies. The strategic growth projects in the US (Insulated Panels Plant) and Belgium (Recycling plant) are progressing a...

Benelux Morning Notes

Ackermans & van Haaren: A strong 1H25. Avantium: Nearly there. Eurocommercial Properties: Good results, positive effects of remerchandising. Recticel: Weak 1H25 calls for a 12% downgrade to consensus at Adj. EBITDA level. Sif Group: 2025 and 2026 guidance cuts. Staffing: Belgium - July Temp volume weaker at -3.5% YoY despite easier comps

Morning Notes : ACKB BB, HAL NA, NEXTA BB, RECT BB, RET BB, UCB BB, BT...

: ACKB BB, HAL NA, NEXTA BB, RECT BB, RET BB, UCB BB, BTLS BB, ECMPA NA

Recticel FIRST LOOK: 1H adj.EBITDA +10%, FY EBITDA growth guidance of ...

Recticel has posted solid double digit top line growth in 1H25 with a flattish adj EBITDA margin. The € 27.7m adj EBITDA figure was c. 8% below our forecast and 7% below consensus. The fresh FY25 adjusted EBITDA guidance calls for c. 10% growth which is below our and consensus forecasts (of c. +24%). Positive is that building permit levels are starting to pick up in some geographies. The strategic growth projects in the US (Insulated Panels Plant) and Belgium (Recycling plant) are progressing ac...

Benelux Morning Notes

Ahold Delhaize: Peer Walmart 2Q26 results. Montea: No surprises, 2025 and 2027 targets confirmed. Recticel: 1H25 preview. Zabka: Peer Dino Polska 2Q25 results

Benelux Morning Notes

AEGON: Addition of €200m to existing SBB, considering US domicile, results mixed. Alfen: 19% EBITDA cut, mid-point new 2026 guidance. Flow Traders: Positive volumes, negative volatility. Kinepolis: Strong profit beat on better operating leverage, higher ticket and ITS per visitor. Recticel: Peer Rockwool 2Q25 results. Tessenderlo: Solid 1H25 beat, guidance maintained. VGP: Strong results, more news on JVs to come

Benelux Morning Notes

CFE: Keeps FY25 outlook. Greenyard: Preview of FY24/25 results. Recticel: Peer Rockwool 1Q25 results

Recticel/A strong 1Q25 thanks to Insulation Boards/BUY

We reiterate our BUY rating and €16 target price on Recticel following the group's 1Q25 results. We remain convinced by the medium-to-long term potential of the Insulation market, which should provide Recticel with ample room to grow both organically and through M&A thanks to its net cash position. On top of this, we expect a gradual recovery in the Residential segment to allow for material margin improvement, allowing Adj. EBITDA to grow by CAGR >21% over 2024-27F. We flag that the new factory ...

Benelux Morning Notes

Aedifica: Strong Q1, improving fundamentals, further growth to come. Air France-KLM: Surprising Atlantic. Aperam: In-line 1Q25, seasonal better 2Q25 expected. ArcelorMittal: In-line 1Q25, risks to steel demand due to tariff uncertainty. ASM International: 1Q25 Results - FY25 headwinds from weak USD. Ayvens: Getting into Gear. dsm-firmenich: Transformation on Track. Lotus Bakeries: Peer Mondelez 1Q25 results. Melexis: Mixed 1Q25 results in unstable markets. Ontex: Two steps fo...

Benelux Morning Notes

Allfunds Group plc: Calm before the storm. Coca-Cola Europacific Partners: No Leap(ing) Easter Bunnies. Recticel: Strong start to the year thanks to Insulation Boards. Universal Music Group: Spotify to increase Europe and Latin America prices this Summer

Morning Notes : IMMO BB, RECT BB, EKOP BB, MAAT FP

: IMMO BB, RECT BB, EKOP BB, MAAT FP

Recticel FIRST LOOK: Solid 1Q top line growth, no precise FY25 guidanc...

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/FY24 postview: heading to the United States/BUY

We reiterate our BUY rating and increase our target price to €16 from €15 for Recticel, as we remain convinced by the medium-to-long term potential of the Insulation market, which should provide Recticel with ample room to grow both organically and through M&A thanks to its net cash position. On top of this, we expect a gradual recovery in the Residential segment to allow for material margin improvement, allowing Adj. EBITDA to grow by CAGR 22% over 2024-27F. We flag that the new factory in the ...

Benelux Morning Notes

Allfunds Group plc: Joining the buyback club. D'Ieteren: Belgian car registrations down 8%, VW down 9.5%. Recticel: Miss on FY24 Adj. EBITDA, but solid order book. TKH Group: In line numbers, sees a weak 1Q25

Morning Notes : ATEB BB, BAR BB, RECT BB, TWEKA NA, AZE BB, EKOP BB, O...

: ATEB BB, BAR BB, RECT BB, TWEKA NA, AZE BB, EKOP BB, ONWD BB

Recticel FIRST LOOK: FY24 adj EBITDA +27%, no precise FY25 guidance

Recticel posted a FY24 adjusted EBITDA growth of c 27% to € 49.6m, in line with the c € 50m guidance whilst being 3% below our forecast and c. 5% below consensus. The company does not yet provide a quantitative guidance on FY25, but mentioned that order books are solid and some signs of cyclical improvement are visible. The company is launching a sizeable, € 50m greenfield project in North America. While we still believe in the strategic attractiveness of Recticel's (mainly) polyurethane focusse...

Benelux Morning Notes

Ackermans & van Haaren: Record result from core segment, in line with estimate. Bekaert: In-line 2024, 2025F guidance suggests weak 1H25 momentum. Belgian telecoms: Management/liquidity crisis at DIGI Belgium. bpost: 4Q24 beats but no dividend over FY24, FY25 outlook well below. Elia: Preview FY24, capex and financing in focus. Fugro: After a nice beat, moving into FY25 dynamics. Kendrion: No recovery signals. Proximus: Neutral 4Q24, 2025 guidance. Recticel: UK Deputy PM calls fo...

Benelux Morning Notes

Ahold Delhaize: Walmart 4Q25 results. Brunel: 4Q24 results: EBIT beats slightly on lower opex; outlook in line; strong cash position. Cofinimmo: FY24 DPS confirmed, FY25 cut as expected. Heijmans: Beats on every single line item. Kinepolis: 2H24 analyst meeting feedback. Recticel: Kingspan FY24 results

Benelux Morning Notes

Belgian food retail: Carrefour plans to open all its stores on Sundays. Coca-Cola Europacific Partners: On course for FTSE inclusion. CVC Capital Partners: Stronger for longer. Econocom: REBITA in line but EBIT, net profit and net debt miss materially. Euronext: Strong finish. KPN: New “Althio” tower company deal closed. Recticel: Recovery in the Belgian construction sector expected by 2027F. Umicore: In-line 2024 and 2025 EBITDA guide, dividend cut and rebased. Wereldhave: €167m...