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.
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Günther Spitzer
CFO
Johannes Heckmann
CEO
Forecast net debt (€m)
7.8
Forecast gearing ratio (%)
N/A
% | 1M | 3M | 12M |
---|---|---|---|
Actual | 0.0 | (4.9) | (1.7) |
Relative | (4.2) | (9.9) | (22.8) |
52 week high/low | €19.4/€12.4 |
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 | 4.8 | 3839.3 |
2023A | 200.1 | 31.0 | 16.1 | 129.75 | 11.2 | 6157.1 |
2024E | 204.1 | 31.4 | 15.8 | 127.49 | 11.4 | 4918.3 |
2025E | 212.3 | 34.2 | 16.7 | 134.66 | 10.8 | 4481.0 |