Nabaltec develops, manufactures and distributes environmentally friendly, specialised products based primarily on aluminium hydroxide and aluminium oxide. It is one of the world’s leading suppliers of functional fillers for flame retardants.
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Initiation
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Industrials |
Update
Günther Spitzer
CFO
Johannes Heckmann
CEO
Forecast net debt (€m)
7.8
Forecast gearing ratio (%)
N/A
% | 1M | 3M | 12M |
---|---|---|---|
Actual | 4.6 | 0.0 | (14.4) |
Relative | 4.1 | 1.0 | (27.3) |
52 week high/low | €19.4/€12.4 |
Nabaltec is a leading global producer of functional fillers and specialty alumina, serving a wide range of growing end-uses including halogen-free flame retardants and electric vehicle (EV) battery separators. The company’s strong product focus, technical product support and customer relationships are key differentiators. It has a healthy balance sheet and is able to exploit potential growth in the high-growth boehmite and data centre markets. Nabaltec trades at a 47% discount to peers on FY24e EV/EBITDA and a 32% discount on FY24e P/E. We initiate our coverage with a valuation of €29.9 per share, 93% above the current share price.
Y/E Dec | Revenue (€m) | EBITDA (€m) | PBT (€m) | EPS (fd) (c) | P/E (x) | P/CF (x) |
---|---|---|---|---|---|---|
2022A | 218.8 | 42.4 | 27.5 | 299.72 | 5.3 | 4183.5 |
2023A | 200.1 | 31.0 | 16.1 | 129.75 | 12.2 | 6709.1 |
2024E | 204.1 | 31.4 | 15.8 | 127.49 | 12.4 | 5359.2 |
2025E | 212.3 | 34.2 | 16.7 | 134.66 | 11.7 | 4882.7 |