Exel Composites - Figures remained weak
Exel’s Q4 results continued to be very low mostly across the board. Cash flow, however, remained on the positive side and Exel can expect improving results this year, although last year sets the comparison figures low.
- Exel Q4 revenue declined by 28.8% y/y to EUR 22.1m, compared to our EUR 26.8m estimate. All the major geographic regions declined. Top line grew 7.5% from the previous quarter. Customers in main markets continued their careful management of inventories and new orders.
- Wind power amounted to EUR 1.7m vs our EUR 4.8m estimate, while Buildings and infrastructure was EUR 6.1m vs our EUR 7.0m estimate. Machinery and electrical landed at EUR 3.8m, compared to our EUR 4.6m estimate. Transportation was the only customer industry to see growth as it increased by 40.3% y/y to EUR 4.7m vs our EUR 2.9m estimate.
- Adjusted EBIT came in at EUR -1.3m vs our EUR 0.7m estimate. Quarterly cash flow from operating activities was EUR 0.8m as Exel continued to manage working capital and costs.
- Order intake amounted to EUR 23.6m in Q4 as it decreased by 8.0% y/y. Opening backlog for the year is higher than it was a year ago.
- Exel guides revenue to increase and adjusted EBIT to increase significantly in FY ’24 compared to the previous year.
- The BoD proposes no dividend per share to be distributed for FY ’23, compared to the EUR 0.00/0.00 Evli/consensus estimates.