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Nabaltec (XETRA: NTG)

Last close As at 18/09/2024

EUR13.75

▲ −0.25 (−1.79%)

Market capitalisation

EUR121m

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.

Nabaltec’s growth is driven by high-growth end-use markets. Its flame-retardant wiring is increasingly becoming more important due to the high growth of data centres, AI, renewable energy and increases in fire safety regulations. The company will also benefit from increased demand for EVs, with the push towards net-zero carbon, with its lithium-ion battery separator coating and filler/adhesive product aiding in thermal management.

Latest Insights

View More

Industrials | Flash note

Nabaltec — Increasing profitability and margins

Industrials | Initiation

Nabaltec — High-tech white powders

Industrials | Update

Nabaltec — Getting back to pre-pandemic performance

Industrials | Update

Nabaltec — Recovery underway
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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 (5.8) (12.4) (24)
Relative (7.9) (15.5) (35.5)
52 week high/low €19.4/€12.4

Financials

Nabaltec is a 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. Nabaltec recorded revenue and EBIT growth of 2.2% and 28.1% y-o-y respectively in its H124 results, while achieving an increase in its EBIT margin from 8.1% in H123 to 9.9% in H124. We value Nabaltec using a 50:50 blend of a DCF valuation (€30.9/share) and an EV/EBITDA 2024/25 multiple blend valuation (€29.0/share) for a combined valuation of €29.9/share.

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 4.6 3640.7
2023A 200.1 31.0 16.1 129.75 10.6 5838.6
2024E 204.1 31.4 15.8 127.49 10.8 4663.9
2025E 212.3 34.2 16.7 134.66 10.2 4249.2

Research

Initiation

Industrials

Nabaltec — High-tech white powders

Update

Industrials

Nabaltec — Getting back to pre-pandemic performance

Industrials

Flash note

Nabaltec — Increasing profitability and margins

Update

Industrials

Nabaltec — Recovery underway

Update

Industrials

Nabaltec — Still profitable despite difficult environment

Update

Industrials

Nabaltec — Investment in US for medium-term growth

Update

Industrials

Nabaltec — Margin expansion sustained

Update

Industrials

Nabaltec — Shift to higher-margin products

Update

Industrials

Nabaltec — Record revenues despite US shutdown

Update

Industrials

Nabaltec — Record H117 performance; guidance raised

Initiation

Industrials

Nabaltec — Making everyday life safer

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