Company Overview
Elecster is a leading provider of dairy processing and aseptic packaging solutions, serving customers across multiple geographical markets in Asia, Africa, Europe, and Latin America. With its integrated solution concept, the company combines milk processing, aseptic packaging, and packaging materials into a unified production system. Elecster's products are designed to meet the growing demand for processed dairy products, while also addressing the need for efficient distribution solutions in markets with limited cold-chain infrastructure.
The company's primary mission is to deliver high-quality, cost-effective solutions that enable its customers to produce and distribute dairy products safely and efficiently. Elecster's core values include innovation, customer focus, and sustainability, which guide its product development, operational practices, and corporate social responsibility initiatives.
Key Products/Services
Elecster offers a range of key products and services that cater to the needs of dairy processors and packagers. Its UHT pouch packaging solutions provide a cost-effective alternative in markets where packaging material costs, distribution logistics, and limited cold-chain infrastructure play a significant role in production decisions.
The company's aseptic processing technology enables the safe and efficient production of dairy products without a continuous cold chain. Elecster's packaging materials are designed to be durable, sustainable, and easy to use, reducing waste and environmental impact.
Benefits
Elecster's products and services offer several benefits to its customers, including:
- Increased efficiency and productivity in dairy processing and packaging operations
- Improved product quality and safety through the use of aseptic technology
- Reduced costs associated with packaging material, distribution logistics, and cold-chain infrastructure
- Sustainable and environmentally friendly packaging solutions
- Enhanced competitiveness in markets with limited cold-chain infrastructure or long distribution distances
Elecster is well-positioned to benefit from the growing demand for processed dairy products, driven by population growth, urbanization, and increasing consumer preferences for convenience and safety. The company's integrated solution concept, aseptic processing technology, and sustainable packaging materials provide a competitive edge in the market.
Valuation
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Number of Shares (million) | 3.7 | 3.7 | 3.7 | 3.7 | 3.7 | 3.7 | 3.7 |
| Target Valuation (MEur) | 29.5 | 32.5 | 31.9 | 22.3 | 17.7 | 15.2 | 15.2 |
| Targer Price | 7.88 | 8.67 | 8.51 | 5.94 | 4.73 | 4.05 | 4.05 |
| Potential, % | 28.8 | 93.5 | 177.4 | 134.7 | 67.0 | 43.4 | 43.4 |
| Recommendation | Buy | Buy | Buy | Buy | Buy | Buy | Buy |
| MCAP (MEur) | 22.9 | 16.8 | 11.5 | 9.5 | 10.6 | 10.6 | 10.6 |
| Price | 6.11 | 4.48 | 3.07 | 2.53 | 2.83 | 2.83 | 2.83 |
| EV | 31.0 | 24.0 | 19.0 | 13.0 | 10.0 | 8.0 | 6.0 |
| P/S | 0.54 | 0.49 | 0.34 | 0.29 | 0.41 | 0.4 | 0.43 |
| EV/S | 0.72 | 0.71 | 0.55 | 0.39 | 0.39 | 0.31 | 0.26 |
| EV/EBIT | 9.85 | 12.19 | 7.23 | 13.04 | -95.51 | 54.03 | -29.12 |
| P/E | 19.41 | -15.01 | 10.77 | -34.0 | -23.18 | 88.08 | -58.72 |
| P/B | 0.83 | 0.7 | 0.5 | 0.4 | 0.46 | 0.45 | 0.46 |
| P/OCF | 16.8 | 6.67 | 11.4 | 3.64 | 3.11 | 5.23 | 5.59 |
| EV/OCF | 22.68 | 9.68 | 18.61 | 4.88 | 2.92 | 4.01 | 3.39 |
| P/FCF | 37.05 | 7.3 | 13.35 | 4.19 | 3.03 | 5.78 | 6.22 |
| EV/FCF | 50.03 | 10.6 | 21.79 | 5.62 | 2.84 | 4.43 | 3.77 |
Income Statement
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Revenue | 42.7 | 34.1 | 33.9 | 32.7 | 25.7 | 26.1 | 24.4 |
| Rev. Growth, % | 24.1 | -20.1 | -0.6 | -3.5 | -21.4 | 1.6 | -6.5 |
| Ebit | 3.1 | 2.0 | 2.6 | 1.0 | -0.1 | 0.1 | -0.2 |
| Ebit Growth, % | 3000.0 | -35.5 | 30.0 | -61.5 | -110.0 | 200.0 | -300.0 |
| Ebit, % | 7.3 | 5.9 | 7.7 | 3.1 | -0.4 | 0.4 | -0.8 |
| Profit | 1.2 | -1.1 | 1.1 | -0.3 | -0.5 | 0.1 | -0.2 |
| EPS | 0.32 | -0.29 | 0.29 | -0.08 | -0.13 | 0.03 | -0.05 |
| Profit Growth, % | 271.4 | -191.7 | 200.0 | -127.3 | -66.7 | 120.0 | -300.0 |
| Profit, % | 2.8 | -3.2 | 3.2 | -0.9 | -1.9 | 0.4 | -0.8 |
Balance Sheet
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Inventory | 20.3 | 19.0 | 18.0 | 14.9 | 14.3 | 13.1 | 11.8 |
| Acc. Receivable | 7.1 | 6.9 | 8.2 | 6.3 | 6.3 | 6.0 | 6.0 |
| Cash | 11.4 | 10.8 | 5.5 | 7.2 | 10.1 | 12.0 | 13.7 |
| Equity | 27.5 | 23.9 | 22.7 | 23.5 | 23.2 | 23.3 | 23.1 |
| ROE, % | 4.4 | -4.6 | 4.8 | -1.3 | -2.2 | 0.4 | -0.9 |
| ROCE, % | 6.6 | 4.7 | 7.3 | 2.9 | -0.3 | 0.3 | -0.6 |
| Net Debt | 8.0 | 7.6 | 7.2 | 3.2 | -0.6 | -2.5 | -4.2 |
| Gearing, % | 29.1 | 31.8 | 31.9 | 13.8 | -2.7 | -10.6 | -18.0 |
| Equity ratio, % | 52.3 | 49.7 | 54.6 | 61.0 | 62.6 | 65.9 | 66.4 |
| Acc. Payable | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Total Assets | 52.6 | 48.0 | 41.6 | 38.6 | 37.0 | 35.3 | 34.8 |
| ROA, % | 2.3 | -2.3 | 2.6 | -0.8 | -1.4 | 0.3 | -0.6 |
Cash Flow
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 1.4 | 2.5 | 1.0 | 2.6 | 3.4 | 2.0 | 1.9 |
| Investment Cash Flow | -0.7 | -0.2 | -0.1 | -0.3 | 0.1 | -0.2 | -0.2 |
| Free Cash Flow | 0.6 | 2.3 | 0.9 | 2.3 | 3.5 | 1.8 | 1.7 |
| OCF/CAPEX | 1.83 | 11.5 | 6.84 | 7.58 | 0.0 | 10.52 | 9.84 |
| Financial Cash Flow | 0.4 | -1.9 | -6.0 | -2.3 | -1.0 | 0.0 | 0.0 |
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