reports
Hardman & Co Research on Neodecortech (NDT.MI): Bright 1H’22, cloudy o...
Hardman & Co Research Hardman & Co Research on Neodecortech (NDT.MI): Bright 1H’22, cloudy outlook 12-Sep-2022 / 07:00 GMT/BST Hardman & Co Research on Neodecortech (NDT.MI): Bright 1H’22, cloudy outlook 1H’22 results from Neodecortech (NDT) continued the trend of FY’21. Total revenue was up 20% compared with 1H’21, to a record €103m, demonstrating the continued strength of NDT’s new products and its European markets. The increases in energy prices and the impact of the Ukraine conflict have caused a reduction in the order backlog at the beginning of 2H’22, but the company remai...
Hardman & Co Research: Neodecortech (NDT.MI) - Very strong 2021
Hardman & Co Research Hardman & Co Research: Neodecortech (NDT.MI) - Very strong 2021 16-March-2022 / 15:57 GMT/BST Hardman & Co Research: Very strong 2021 FY'21 results from Neodecortech (NDT) confirmed the trend of the first half. Total revenue was up 37% vs. FY'20, but, more tellingly, it was up 33% vs. pre-COVID FY'19, demonstrating the strength of NDT's new products and its European markets. Growth has continued in the first two months of 2022 but at a lower rate. Our revised forecasts reflect the difficulties of raw material price increases and the unknown impacts of the Ukra...
Hardman & Co Research: Neodecortech (NDT.MI): Business booming
Hardman & Co Research Hardman & Co Research: Neodecortech (NDT.MI): Business booming 13-Sep-2021 / 13:40 GMT/BST Hardman & Co Research: Business booming 1H21 results from Neodecortech (NDT) confirmed the trend of the first quarter. Revenue was up 41% vs. 1H20, but, more tellingly, it was up 21% vs. 1H19, demonstrating the strength of NDT's new products and its European markets. That strength has continued into 3Q. We have raised our revenue forecasts significantly, as well as our earnings forecasts, although there is some offsetting of additional costs, as the price of energy and r...
Hardman & Co Research : Neodecortech (NDT): Momentum sustained
Hardman & Co Research Hardman & Co Research : Neodecortech (NDT): Momentum sustained 14-May-2021 / 07:30 GMT/BST Hardman & Co Research: Momentum sustained 1Q results from Neodecortech (NDT) confirmed that the positive momentum in the second half of last year continued into 2021. Revenue was up 19% overall and EBITDA came in at €5.1m, vs. a comparable €2.7m in 1Q'20. Last year caught only the very beginning of the pandemic. 2Q has continued in a similar vein, and margins are holding up, despite rises in key raw material prices. We are not changing our forecasts materially but we ar...
Hardman & Co Research: Neodecortech (NDT): Strong FY'20 results
Hardman & Co Research Hardman & Co Research: Neodecortech (NDT): Strong FY'20 results 04-March-2021 / 16:10 GMT/BST Hardman & Co Research: Strong FY'20 results Neodecortech (NDT) announced that it had significantly outperformed its baseline projection from last summer. Trading was driven by a focus on home furnishings and new products, with turnover down only 4%, despite the closures last spring. EBITDA was a very creditable €14.6m (ahead of our €14m forecast), and net debt actually fell marginally to €40m. These figures, plus the €0.09 dividend, show the strength of NDT's business...
Hardman & Co Research: Neodecortech (NDT): Upgrade following strong tr...
Hardman & Co Research Hardman & Co Research: Neodecortech (NDT): Upgrade following strong trading 05-Jan-2021 / 12:50 GMT/BST Hardman & Co Research: Upgrade following strong trading Neodecortech (NDT) announced that the strong trading in 3Q had continued into 4Q and it expected to significantly outperform its baseline projection from the summer. We have upgraded our forecasts and central valuation estimate to reflect this news. The trading has been driven by a focus on home furnishings and new products. Net debt will have risen slightly for FY'20 but the company remains in a strong...
Hardman & Co Research: Neodecortech (NDT): Reassuringly robust
Hardman & Co Research Hardman & Co Research: Neodecortech (NDT): Reassuringly robust 10-Sep-2020 / 15:45 GMT/BST Hardman & Co Research: Reassuringly robust Neodecortech (NDT) shut its main plants for several weeks in March/April, but has traded strongly since reopening. We have cut our 2020 forecasts significantly, but see 2021 bouncing back close to 2019 levels. NDT trades at a ca.36% EV/EBITDA 2021E discount to its nearest peers - an 8% increase since February. We would expect this to narrow, aided by the move to the Main Market, which was completed in May. Please click on the l...
Hardman & Co Research: Neodecortech (NDT): Well placed for 2020
Hardman & Co Research Hardman & Co Research: Neodecortech (NDT): Well placed for 2020 18-Feb-2020 / 10:05 GMT/BST Hardman & Co Research: Well placed for 2020 Neodecortech (NDT) performed well in 2019, in our view, against a difficult economic backdrop with trading picking up in 2H after a tricky 1H. The immediate outlook for 2020 remains uncertain. We have trimmed our forecasts accordingly. NDT trades at a ca.28% EV/EBITDA discount to its nearest peers - a 20%+ narrowing since this time last year. The move to the Main Market should help narrow it further. Please click on the link ...
Hardman & Co Research: Neodecortech (NDT.MI): Robustly positioned for ...
Hardman & Co Research Hardman & Co Research: Neodecortech (NDT.MI): Robustly positioned for 2019/20 14-Nov-2019 / 07:30 GMT/BST Hardman & Co Research: Robustly positioned for 2019/20 Neodecortech (NDT) has performed well in 2019, in our view, against a difficult economic backdrop. 1H, 3Q and October revenue rose 2%, 6% and 9%, respectively. We are forecasting the year to end strongly, with full-year revenue up 5% and adjusted EBITDA fractionally ahead, at EUR19.4m. NDT is planning to move to the Main Market in 1Q'20, and the controlling family has reduced its stake to 64%. NDT trad...
1 director sold
A director at Neodecortech Spa sold 1,200,000 shares at 3.400EUR and the significance rating of the trade was 78/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clea...
Hardman & Co Research: Neodecortech (NDT.MI): Strong 2018, robustly po...
Hardman & Co Research Hardman & Co Research: Neodecortech (NDT.MI): Strong 2018, robustly positioned for 2019 08-May-2019 / 10:15 GMT/BST Hardman & Co Research: Strong 2018, robustly positioned for 2019 Neodecortech (NDT) had an impressive 2018 in our view. Revenue rose by 6% and adjusted EBITDA by 25%. Margins rose across the divisions as new products were developed, the power plant operated fully and the 2017 cost increases were passed on. The macro economic climate remains uncertain but we expect Neodecortech's move up the value chain and operational efficiencies to drive EBITDA higher ...
Hardman & Co Research: Neodecortech (NDT.MI): Innovative décor paper ...
Hardman & Co Research Hardman & Co Research: Neodecortech (NDT.MI): Innovative décor paper printer 22-March-2019 / 16:36 GMT/BST Hardman & Co Research: Innovative décor paper printer Neodecortech is a vertically integrated business from power generation through to paper manufacturing, through to printing and impregnating paper. It specialises in high-quality printed décor paper and film in natural patterns to sell to the interior decoration industry, including furniture and flooring manufacturers. With all 2017 raw material price increases now pushed through to customers and new investm...
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