Investor relations

Consensus estimates

The current market consensus as per 09 February 2021 is based on the research of four brokers, namely Berenberg Bank, Degroof Petercam, ING and KBC Securities.


Consolidated figures

a = actual
e = expected

(in million EUR) 2019a
2020e 2021e 2022e
Net Sales 878,5 802,1 1101,6 1176,9
annual growth rate   -8,7% 37,3% 6,8%
Adjusted EBITDA 71,7 56,3 109,4 127,5
as % of consolidated sales 8,2% 7,0% 9,9% 10,8%
EBITDA 60,2 53,9 103,7 126,8
as % of consolidated sales 6,9% 6,7% 9,4% 10,8%
Adjusted Operating Result 35,8 20,1 61,8 79,4
as % of consolidated sales 4,1% 2,5% 5,6% 6,8%
Operating Result 24,3 15,2 53,8 78,2
as % of consolidated sales 2,8% 1,9% 4,9% 6,6%

Financial result

Income from other associates


Change in fair value of option structures


Income taxes





























Earnings after taxes of continuing operations 26,7 2,7 38,9 57,3
as % of consolidated sales 3,0% 0,3% 3,5% 4,9%
Result from discontinued operations 0,0 67,1 0,0 0,0
Earnings after taxes of continuing and discontinued operations 26,7 69,8 38,9 57,3

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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.