Eurocell (ECEL)

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206
Eurocell ECEL Logo

A market leading, vertically integrated UK manufacturer, recycler and distributor of innovative window, door and roofline PVC products.

13-Dec-2017 – 215p – £215m – PER 9.63

Trading Update On Performance For The 11 Months To End November 2017 – In-line and taking market share (from Safestyle?).

Although the fundamentals look attractive enough here, this update is not exactly inspiring.

9-Mar-2018 – 217p – £217.0m – PER 9.69

Preliminary Results For The 12 Months To End December 2017 – “Good progress with strategic priorities and robust financial results” – Revenue up 10% (8% excluding acquisitions) to £224.9m (£204.8m last time). PBT and EPS flat (raw material price inflation). Net Debt down from £20.3m to £14.5m. Markets remain challenging but the first 2 months are in-line with expectations.

These results just don’t inspire me.

18-May-2018 – 234p – £234.3m – PER 10.4

AGM Statement – Positive start to 2018 in-line, as expected to be greater in H2.

Not exactly inspiring, certainly not inspiring enough to change me from being Neutral here.

2-Aug-2018 – 252p – £252.8m – PER 11.0

Results For The 6 Months To End June 2018 – Nice to see a head line “Financial results in line with expectations and good progress with strategic priorities”. H2 weighting should see FY in-line with expectations.

Looks about fairly priced here to me, I remain Neutral.

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