Company Overview
Glaston is a leading global provider of glass solutions for architectural, industrial, and commercial applications. With over 100 years of experience, the company has established itself as a trusted partner for architects, builders, and businesses worldwide.
The primary mission of Glaston is to deliver innovative glass solutions that enhance the performance, sustainability, and aesthetic appeal of buildings. This is achieved through its commitment to research and development, quality, and customer satisfaction. At the heart of Glaston's values are its core principles of innovation, sustainability, and customer focus.
Key Products/Services
Glaston offers a wide range of glass solutions, including architectural glazing, insulated glass units, laminated glass, and solar control glass. These products are designed to provide optimal performance, energy efficiency, and safety for various applications, such as commercial buildings, residential homes, and industrial facilities.
The benefits of Glaston's glass solutions include improved energy efficiency, enhanced security, and increased aesthetic appeal. Additionally, the company's products are designed to meet the highest standards of quality, durability, and sustainability.
Benefits and Features
- Improved energy efficiency through advanced glazing technologies
- Enhanced security and safety features for buildings and occupants
- Increased aesthetic appeal through a wide range of glass colors and finishes
- High-quality, durable, and sustainable products designed to meet the needs of various applications
- Innovative research and development capabilities to stay ahead of industry trends
About Glaston's Strategy and Vision
Glaston is committed to delivering a sustainable future through its strategic focus on innovation, energy efficiency, and customer satisfaction. The company aims to become the leading global provider of glass solutions by 2030, with a strong emphasis on research and development, quality, and customer focus.
The company's vision is to create a better world for people and the planet through its innovative glass solutions. Glaston is dedicated to making a positive impact on the environment, society, and the economy, while delivering exceptional value to its customers and stakeholders.
Valuation
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Number of Shares (million) | 42.1 | 42.1 | 42.1 | 42.1 | 42.1 | 42.1 | 42.1 |
| Target Valuation (MEur) | 137.0 | 154.9 | 149.8 | 149.0 | 134.5 | 98.6 | 98.6 |
| Target Price | 3.25 | 3.68 | 3.55 | 3.54 | 3.19 | 2.34 | 2.34 |
| Potential, % | 77.0 | 147.0 | 123.2 | 213.7 | 228.9 | 141.1 | 141.1 |
| Recommendation | Buy | Buy | Buy | Buy | Buy | Buy | Buy |
| MCAP (MEur) | 77.4 | 62.7 | 67.1 | 47.5 | 40.9 | 40.9 | 40.9 |
| Price | 1.84 | 1.49 | 1.59 | 1.13 | 0.97 | 0.97 | 0.97 |
| EV | 91.0 | 74.0 | 87.0 | 76.0 | 61.0 | 64.0 | 64.0 |
| P/S | 0.36 | 0.29 | 0.31 | 0.23 | 0.25 | 0.21 | 0.19 |
| EV/S | 0.42 | 0.34 | 0.4 | 0.36 | 0.37 | 0.34 | 0.3 |
| EV/EBIT | 11.78 | 8.98 | 15.24 | 16.79 | 4.35 | 38.51 | 8.71 |
| P/E | 24.96 | 12.3 | 27.96 | 39.62 | 3.65 | 30.74 | 6.95 |
| P/B | 1.13 | 0.9 | 1.0 | 0.75 | 0.54 | 0.53 | 0.49 |
| P/OCF | 7.66 | 4.02 | 83.87 | -95.08 | 146.01 | -128.8 | 14.87 |
| EV/OCF | 8.98 | 4.72 | 108.62 | -151.08 | 217.06 | -201.41 | 23.28 |
| P/FCF | 16.82 | 7.56 | -21.64 | -14.41 | 5.84 | -12.96 | -475.71 |
| EV/FCF | 19.71 | 8.87 | -28.03 | -22.89 | 8.68 | -20.27 | -744.91 |
Income Statement
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Revenue | 213.5 | 219.7 | 217.9 | 208.9 | 165.6 | 190.4 | 210.1 |
| Rev. Growth, % | 16.9 | 2.9 | -0.8 | -4.1 | -20.7 | 15.0 | 10.3 |
| Ebit | 7.7 | 8.2 | 5.7 | 4.5 | 14.0 | 1.7 | 7.4 |
| Ebit Growth, % | 48.1 | 6.5 | -30.5 | -21.1 | 211.1 | -87.9 | 335.3 |
| Ebit, % | 3.6 | 3.7 | 2.6 | 2.2 | 8.5 | 0.9 | 3.5 |
| Profit | 3.1 | 5.1 | 2.4 | 1.2 | 11.2 | 1.3 | 5.9 |
| EPS | 0.07 | 0.12 | 0.06 | 0.03 | 0.27 | 0.03 | 0.14 |
| Profit Growth, % | 181.8 | 64.5 | -52.9 | -50.0 | 833.3 | -88.4 | 353.8 |
| Profit, % | 1.5 | 2.3 | 1.1 | 0.6 | 6.8 | 0.7 | 2.8 |
Balance Sheet
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Inventory | 32.0 | 35.8 | 37.0 | 28.0 | 29.6 | 26.6 | 25.5 |
| Acc. Receivable | 24.0 | 18.6 | 19.3 | 19.6 | 20.6 | 15.4 | 17.5 |
| Cash | 22.2 | 20.2 | 12.3 | 8.9 | 14.6 | 11.5 | 11.4 |
| Equity | 68.4 | 69.3 | 66.8 | 63.8 | 76.2 | 77.5 | 83.4 |
| ROE, % | 4.5 | 7.4 | 3.6 | 1.9 | 14.7 | 1.7 | 7.1 |
| ROCE, % | 7.4 | 8.2 | 5.8 | 4.5 | 12.6 | 1.5 | 6.3 |
| Net Debt | 13.3 | 10.9 | 19.8 | 28.0 | 19.9 | 23.0 | 23.1 |
| Gearing, % | 19.4 | 15.7 | 29.6 | 43.9 | 26.1 | 29.7 | 27.7 |
| Equity ratio, % | 35.1 | 35.3 | 35.8 | 37.0 | 45.6 | 49.6 | 56.1 |
| Acc. Payable | 73.1 | 81.2 | 70.2 | 55.2 | 44.8 | 112.4 | 77.1 |
| Total Assets | 194.9 | 196.5 | 186.5 | 172.4 | 167.1 | 156.2 | 148.8 |
| ROA, % | 1.6 | 2.6 | 1.3 | 0.7 | 6.7 | 0.8 | 4.0 |
Cash Flow
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 10.1 | 15.6 | 0.8 | -0.5 | 0.3 | -0.3 | 2.7 |
| Investment Cash Flow | -5.5 | -7.3 | -3.9 | -2.8 | 6.7 | -2.8 | -2.8 |
| Free Cash Flow | 4.6 | 8.3 | -3.1 | -3.3 | 7.0 | -3.2 | -0.1 |
| OCF/CAPEX | 1.84 | 2.14 | 0.21 | 0.0 | 0.0 | 0.0 | 0.97 |
| Financial Cash Flow | -11.2 | -9.6 | -5.3 | 1.6 | -2.7 | 0.0 | 0.0 |
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