Nabaltec

Overview
Price performance
Financials
Research
Thematics

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.

Latest Insights

Industrials |
Initiation

31.07.24

Nabaltec — High-tech white powders

Industrials |
Update

31.08.21

Nabaltec — Getting back to pre-pandemic performance

Industrials |
Update

07.05.21

Nabaltec — Recovery underway

Industrials |
Update

07.09.20

Nabaltec — Still profitable despite difficult environment

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Sector

Industrials

Equity Analyst

Andrew Keen

MD - Head of Content, Energy & Resources, Industrials

Harry Kilby

Analyst

Key Management

Günther Spitzer

CFO
Johannes Heckmann

CEO

Balance Sheet

Forecast net debt (€m)

7.8

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
%	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

Financials

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.