Thrace Plastics


€169.7m market cap

€3.88 last close

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.

Investment summary

Building on an impressive H1 performance, Thrace produced some record quarterly achievements in margins and profitability for both Technical Fabrics and Packaging in Q3. Favourable mix development, good pricing discipline and control over operating costs all contributed to this performance. The company delivered EBITDA of €27.8m in the quarter, which exceeded H120 overall and approached its FY19 full-year equivalent. Strong profitability drove a further reduction in core net debt. We raised our PBT estimates again, up more than 60% for FY20 with uplifts exceeding 40% in the next two years.

Y/E Dec
Revenue (€m)
PBT (€m)
EPS (c)
P/E (x)
P/CF (x)
2018A 322.7 29.0 11.5 21.0 18.5 7.3
2019A 327.8 30.6 10.2 12.8 30.3 6.4
2020E 342.2 72.6 52.0 90.6 4.3 2.2
2021E 360.9 73.2 52.2 90.1 4.3 2.7
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 03/03/2021
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Share price graph
Balance sheet
Forecast net debt (€m) 35.3
Forecast gearing ratio (%) 21
Price performance
Actual 5.4 19.4 138.0
Relative* (1.1) 12.3 123.8
52-week high/low €4.2/€1.2
*% relative to local index
Key management
Dimitris Fragkou Group CFO
Dimitris Malamos Group CEO
Konstantinos Chalioris Chairman and chief entrepreneur