(BFM Bourse) – The plastics and automotive supplier once again experienced sustained growth, of more than 20%, in the third quarter of its 2022-2023 financial year. The company raised its annual targets.
In the opinion of analysts, the 2023 financial year is proving to be much more favorable to automotive suppliers than the previous one, with a lull in the difficulties linked to the shortage of semiconductors, less devastating inflation of raw materials and wages, and a rebound in volumes.
“The planets are now better aligned,” said Jefferies in May, which then went on to buy Valeo and Forvia, the big French names in the sector.
This more favorable context can be seen in the activity update drawn up Monday evening by Plastivaloire. The Touraine group thus generated revenues of 221.9 million euros in the third quarter of its staggered 2022-2023 financial year, that is to say from April to June. This amount corresponds to growth in published data of 23.5% and 23.7% excluding currency effects.
The plastics and automotive supplier (this last segment represents around 80% of its turnover) has also crossed the 200 million euro revenue threshold for the second consecutive quarter.
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End of “stop & go”
The group notably recorded a turnover of 177.5 million euros in the automobile sector. Plastivaloire explains that it benefited in this segment “from the maintenance of high production rates (…) almost without a ‘stop & go’ period as had been the case in previous years” and “from sales price increases in order to partially pass on the impact of inflation on production costs”.
In the “Industries” sector, the company saw its revenues increase by 18% over one year to 44 million euros thanks to “market gains”.
TP ICAP Midcap salutes a “very good end of the financial year”. The company “recorded a turnover beyond our expectations and once again raised its outlook for 2022-23”, appreciates the design office.
Plastivaloire has, in fact, revised upwards its outlook for the current financial year, which will be completed at the end of next month, citing “the advance taken over the first nine months”.
The company anticipates a total turnover of between 810 million euros and 830 million euros, against 780 million euros previously. The Ebitda margin (gross operating income) should also be slightly higher in the second half than in the first (by 7.9%), according to its forecasts. This means that the margin for the 2022-2023 financial year will also be higher than the profitability of the first six months. Previously, Plastivaloire was counting on a margin simply higher than that of 2021-2022, i.e. 7.4%.
On the Paris Stock Exchange, the publication of the company delighted the market, the action progressing by 7.5% to 3.03 euros around 3:30 p.m. after having taken more than 10% at the start of the afternoon.
TP ICAP raised its price target to 3.7 euros against 3.6 euros previously but maintained to “keep” its recommendation “due to the group’s high indebtedness, which seems problematic to us in times of rising prices. refinancing”, explains the design office.
Julien Marion – ©2023 BFM Bourse
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