Thrace Plastics

ASE: PLAT

Market Cap€276m

Last Close €6.31

Thrace Plastics is an established international producer of Technical Fabrics (FY19: 72% of net revenues) and Packaging (28%). 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

Record FY20 and Q121 results were founded upon Thrace’s strategic investment programme since 2015, reorienting the business towards higher-value segments. Our revised estimates reflect an expected normalisation of exceptional medical sector demand levels (FY21 upgraded, FY22 reset lower), but we expect ongoing group profitability to be well above pre-pandemic levels. Our DCF analysis infers that the current share price is factoring in overly conservative profit levels. The corollary of this is that further valuation upside is available based on steady-state earnings at our FY22 and FY23 levels.

Y/E Dec
Revenue (€m)
EBITDA (€m)
PBT (€m)
EPS (c)
P/E (x)
P/CF (x)
2019A 327.8 30.6 10.2 12.8 49.3 10.4
2020A 339.7 76.5 56.1 93.1 6.8 3.2
2021E 387.5 100.1 76.5 132.5 4.8 3.0
2022E 342.4 57.8 32.9 56.2 11.2 4.3
Industry outlook

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

Last updated on 18/06/2021
Content on Thrace Plastics
Thrace Plastics – Progress through adversity
Industrials | Update | 10 June 2021
Thrace - Research
Thrace Plastics – First-half momentum accelerates in Q3
Industrials | Update | 18 December 2020
Thrace - Research
Thrace Plastics – Making strong progress
Industrials | Update | 9 November 2020
Thrace - Research
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Share price graph
Balance sheet
Forecast net cash (€m) 16.7
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual 6.1 51.3 266.9
Relative* 5.5 41.1 168.4
52-week high/low €6.8/€1.8
*% relative to local index
Key management
Dimitris Fragkou Group CFO
Dimitris Malamos Group CEO
Konstantinos Chalioris Chairman and chief entrepreneur