Thrace Plastics


Market Cap€175m

Last Close €4.01

Thrace Plastics is an established international producer of technical fabrics (approaching three-quarters of FY20 EBIT) and packaging. Each division uses a number of manufacturing processes and produces a wide range of products from polymer materials, serving a diverse range of end-markets.

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Investment summary

As expected, FY21 revenue was strong, growing 26.1% to €428.4m supported by PPE revenue. PBT rose 61% to €83.9m. Excluding PPE, core PBT was €32.1m, which compares very favourably with 2019 PBT of €11.8m, highlighting the progress that Thrace has made in the last two years. Q122 EBT of €10.5m included core product EBT of €6.4m. For H1 in total, Thrace reported EBT of €20.1m which included core EBT of €9.0m, in line with guidance. Full year expectations were maintained despite the acknowledgement that market conditions are now less favourable than before. The current investment phase of €102m between 2020 and 2022 should see €42m invested this year in increased capacity to drive future growth.

Y/E Dec
Revenue (€m)
PBT (€m)
EPS (c)
P/E (x)
P/CF (x)
2020A 339.7 76.5 56.1 93.1 4.3 2.1
2021A 428.4 103.8 83.9 207.0 1.9 2.0
2022E 345.6 57.8 34.5 59.1 6.8 2.6
2023E 362.1 61.5 38.2 65.5 6.1 3.1
Industry outlook

Thrace manufactures a wide range of products that are used in a variety of sectors, ranging from construction/infrastructure to horticulture and food packaging primarily in Europe and the United States. Management’s high-level financial objective is to pursue profitable growth using two primary levers: increased capacity and value capture.

Last updated on 29/11/2022
Content on Thrace Plastics
Thrace Plastics – Maintaining a steady course
Industrials | research Update | 6 December 2021
Thrace - Research
Thrace Plastics – Investing for the future
Industrials | research Update | 18 October 2021
Thrace - Research
Thrace Plastics – Progress through adversity
Industrials | research Update | 10 June 2021
Thrace - Research
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Share price graph
Balance sheet
Forecast net cash (€m) 7.1
Forecast gearing ratio (%) N/A
Price performance
Actual 6.4 (8.8) (41.5)
Relative* 0.4 (13.1) (44.1)
52-week high/low €7.1/€3.4
*% relative to local index
Key management
Dimitris Fragkou Group CFO
Dimitris Malamos Group CEO
Elina Sideri IRO
Konstantinos Chalioris Chairman and chief entrepreneur

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