Investor relations

Consensus estimates

The current market consensus as per 16 April 2018 is based on the research of three brokers, namely Degroof Petercam, ING and KBC Securities.

a Actual figures
e Estimated figures based on market consensus

 

Combined figures

(in million EUR) 2017a 2018e 2019e 2020e
Combined net Sales 1.460,8 1.524,8 1.568,3 1.605,4
annual growth rate 8,4% 4,4% 2,9% 2,4%
Flexible Foams 626,1 640,7 649,7 658,9
annual growth rate 3,1% 2,3% 1,4% 1,4%
Bedding 272,1 277,0 281,3 285,2
annual growth rate -7,1% 1,8% 1,5% 1,4%
Insulation 272,3 293,9 315,8 335,8
annual growth rate 16,3% 7,9% 7,4% 6,3%
Automotive 350,4 373,7 382,4 386,8
annual growth rate 21,3% 6,7% 2,3% 1,2%
Eliminations -60,1 -60,5 -60,9 -61,3

 

 

(in million EUR) 2017a 2018e 2019e 2020e
Combined REBITDA 105,5 117,0 128,4 136,0
as % of sales 7,2% 7,7% 8,2% 8,5%
Flexible Foams 40,6 45,2 47,6 49,5
as % of sales 6,5% 7,1% 7,3% 7,5%
Bedding 15,1 16,4 18,0 19,6
as % of sales 5,5% 5,9% 6,4% 6,9%
Insulation 40,3 41,5 45,9 48,9
as % of sales 14,8% 14,1% 14,5% 14,6%
Automotive 25,6 30,7 33,7 34,7
as % of sales 7,3% 8,2% 8,8% 9,0%
Corporate -16,1 -16,7 -16,8 -16,6

 

(in million EUR) 2017a 2018e 2019e 2020e
Combined EBITDA_ 94,1 116,3 127,8 135,6
as % of sales 6,4% 7,6% 8,2% 8,4%
Flexible Foams 30,6 45,2 45,6 49,5
as % of sales 4,9% 7,1% 7,3% 7,5%
Bedding 14,3 15,5 17,3 19,1
as % of sales 5,3% 5,6% 6,2% 6,7%
Insulation 40,1 41,5 45,9 48,9
as % of sales 14,7% 14,1% 14,5% 14,6%
Automotive 25,0 30,7 33,7 34,7
as % of sales 7,1% 8,2% 8,8% 9,0%
Corporate -16,0 -16,6 -16,7 -16,5

 

(in million EUR) 2017a 2018e 2019e 2020e
Combined REBIT__ 66,5 73,8 84,2 92,1
as % of sales 4,6% 4,8% 5,4% 5,7%
Flexible Foams 27,9 32,2 34,4 36,2
as % of sales 4,5% 5,0% 5,3% 5,5%
Bedding 10,5 11,5 13,2 14,7
as % of sales 3,9% 4,2% 4,7% 5,1%
Insulation 33,7 33,8 37,5 40,2
as % of sales 12,4% 11,5% 11,9% 12,0%
Automotive 11,4 13,9 16,9 18,6
as % of sales 3,3% 3,7% 4,4% 4,8%
Corporate -17,0 -17,6 -17,8 -17,5

 

(in million EUR) 2017a 2018/e 2019e 2020e
Combined EBIT___ 48,1 73,1 83,6 91,7
as % of sales 3,3% 4,6% 5,3% 5,7%
Flexible Foams 17,7 32,2 34,4 36,2
as % of sales 2,8% 5,0% 5,3% 5,5%
Bedding 9,6 10,7 12,5 14,2
as % of sales 3,5% 3,9% 4,4% 5,0%
Insulation 33,5 33,8 37,5 40,2
as % of sales 12,3% 11,5% 11,9% 12,0%
Automotive 4,1 13,9 16,9 18,6
as % of sales 1,2% 3,7% 4,4% 4,6%
Corporate -16,8 -17,6 -17,7 -17,5

 

(in million EUR) 2017a 2018e 2019e 2020e
Combined Net Financial Debt 122,9 112,3 59,4 9,0
Combined off balance Factoring/Forfeiting 54,7 55,0 55,0 55,0

 


Consolidated figures

(in million EUR) 2017a 2018e 2019e 2020e
Consolidated Sales 1.135,4 1.201,6 1.234,3 1.266,2
annual growth rate 9,8% 5,8% 2,7% 2,6%
Consolidated EBITDA 82,8 103,6 115;0 122,6
as % of consolidated sales 7,3% 8,6% 9,3% 9,7%
Consolidated EBIT 44,9 68,4 78,9 86,9
as % of consolidated sales 4,0% 5,7% 6,4% 6,9%
Earnings after taxes 23,9 45,5 53,5 60,2
as % of consolidated sales 2,1% 3,8% 4,3% 4,8%
         
(in million EUR) 2017a 2018e 2019e 2020e
Consolidated Net Financial Debt 108,4 82,0 41,7 -3,2
Consolidated off balance Factoring/Forfeiting 51,7 52,4 52,4 52,4
         
(in million EUR) 2017a 2018e 2019e 2020e
Total equity 261,8 293,4 332,9 378,4

 

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Disclaimer

This consensus has been collated from estimates submitted by analysts to Recticel using a standard template. The figures above are provided by Recticel for information purposes only. The research material from which the figures are drawn is the sole responsibility of the analysts concerned. Recticel does not endorse the research in any way and accepts no liability in respect of it. In particular, Recticel makes no warranty or representation as to the accuracy of the research, the reasonableness of any assumptions or projections or the likelihood of achieving the figures set out above. Recticel has not commented on or verified any individual estimates, nor does it intend to do so in the future. Recticel shall not be liable for any errors in the content of the research material, or for any action taken in reliance thereon, or on the figures above. The inclusion of any information above does not imply any endorsement of, or concurrence with, the same on the part of Recticel. It should be noted that estimates are, by definition, forward looking and are therefore subject to risks and uncertainties which are subject to change at any time and which may materially affect eventual results. Recticel assumes no obligation to update or revise the figures presented above. The information set out above does not constitute an invitation or solicitation of an offer to subscribe for or purchase any securities and shall not form the basis for any contract or commitment whatsoever. Nothing contained herein should be taken as a recommendation to buy or sell shares in Recticel or to take or refrain from taking any other action or to place any reliance on any of the information set out above.