Exel Composites Oyj (EXEL.he) - Financial summary and valuation

Exel Composites Oyj


Company Overview

Exel Composites Oyj is a leading global composite materials company that specializes in designing, manufacturing, and delivering high-performance composite solutions for various industries. With its strong commitment to innovation, sustainability, and customer satisfaction, Exel has established itself as a trusted partner for companies seeking to reduce their environmental footprint while improving their product performance.

At the heart of Exel's mission is its primary objective: to help customers overcome challenges and optimize resources using composite materials. This is achieved through its core values of innovation, sustainability, customer satisfaction, and collaboration. By embracing these values, Exel aims to create a better future for its customers, employees, and the environment.

Key Products/Services

Exel's product portfolio includes a wide range of composite materials, such as fibers, mats, and preforms, which are used in various applications across industries. Some of the key products and their benefits include:

Exel's services also include design, manufacturing, and delivery of custom-made composite solutions, as well as post-processing and finishing services. By leveraging its expertise in composite materials and manufacturing, Exel helps customers to reduce their environmental impact while improving their product performance and competitiveness.

Business Operations and Strategy

Exel operates globally, with a presence in over 30 countries and a network of subsidiaries and affiliates. The company's business strategy is focused on growth, innovation, and sustainability, with a strong emphasis on customer satisfaction and collaboration.

Exel's strategic priorities include expanding its product portfolio, increasing its market share, and improving its operational efficiency. The company also aims to reduce its environmental impact through sustainable practices and supply chain management.

Risk Management and Governance

Exel has a robust risk management framework in place, which includes regular monitoring of market trends, customer demand, and supply chain risks. The company also maintains a strong governance structure, with an independent board of directors and a clear audit committee.

Exel's risk management approach is focused on identifying and mitigating potential risks, while also capitalizing on opportunities for growth and innovation. By maintaining a proactive and agile approach to risk management, Exel is well-positioned to navigate the challenges and uncertainties of the global market.



Valuation

2024 2025 2026 (e) 2027 (e) 2028 (e)
Number of Shares (million) 106.7 106.7 7.0 7.0 7.0
Target Valuation (MEur) 12.7 28.0 62.0 83.2 83.2
Targer Price 0.12 0.26 8.81 11.82 11.82
Potential, % -57.5 -41.8 -34.8 -12.5 -12.5
Recommendation Sell Sell Sell Hold Hold
MCAP (MEur) 29.9 48.1 95.1 95.1 95.1
Price 0.28 0.45 13.51 13.51 13.51
EV 49.0 71.0 111.0 113.0 107.0
P/S 0.3 0.46 0.73 0.68 0.61
EV/S 0.5 0.67 0.86 0.81 0.68
EV/EBIT -17.31 25.36 14.25 12.9 8.66
P/E -6.02 -8.57 21.37 22.96 13.48
P/B 0.95 1.72 2.97 2.63 2.2
P/OCF 51.44 -49.98 6.87 37.42 10.14
EV/OCF 85.01 -73.27 8.04 44.35 11.44
P/FCF -14.84 -45.09 13.69 -68.48 17.42
EV/FCF -24.52 -66.1 16.02 -81.16 19.65

Income Statement

2023 2024 2025 2026 (e) 2027 (e) 2028 (e)
Revenue 96.8 99.6 105.2 129.6 139.5 157.0
Rev. Growth, % 0.0 2.9 5.6 23.2 7.6 12.5
Ebit -4.9 -2.9 2.8 7.8 8.7 12.4
Ebit Growth, % 0.0 40.8 196.6 178.6 11.5 42.5
Ebit, % -5.1 -2.9 2.7 6.0 6.2 7.9
Profit -9.3 -5.0 -5.6 4.4 4.1 7.0
EPS -0.78 -0.05 -0.05 0.62 0.58 0.99
Profit Growth, % 0.0 46.2 -12.0 178.6 -6.8 70.7
Profit, % -9.6 -5.0 -5.3 3.4 2.9 4.5

Balance Sheet

2023 2024 2025 2026 (e) 2027 (e) 2028 (e)
Inventory 16.9 17.4 18.0 23.4 30.5 40.9
Acc. Receivable 17.0 19.2 22.4 24.1 27.3 33.2
Cash 11.0 10.9 11.9 7.0 5.6 11.1
Equity 17.4 31.5 28.0 32.0 36.2 43.2
ROE, % -53.4 -15.9 -20.0 13.8 11.3 16.2
ROCE, % -8.0 -4.7 4.5 14.1 14.6 18.7
Net Debt 32.8 19.5 22.4 16.2 17.6 12.1
Gearing, % 188.3 61.9 80.2 50.6 48.7 28.1
Equity ratio, % 20.5 35.4 31.3 33.3 36.7 42.3
Acc. Payable 15.8 24.8 25.4 33.5 32.3 29.1
Total Assets 85.0 89.0 89.2 96.1 98.6 102.2
ROA, % -10.9 -5.6 -6.3 4.6 4.2 6.8

Cash Flow

2023 2024 2025 2026 (e) 2027 (e) 2028 (e)
Operating Cash Flow 4.4 0.6 -1.0 13.8 2.5 9.4
Investment Cash Flow -3.1 -2.6 -0.1 -6.9 -3.9 -3.9
Free Cash Flow 1.4 -2.0 -1.1 6.9 -1.4 5.5
OCF/CAPEX 1.45 0.22 0.0 2.01 0.65 2.39
Financial Cash Flow -7.5 1.7 3.5 -5.0 0.0 0.0




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