(AOF) – The Plastivaloire Group increased by 8.42% to 2.96 euros the day after the announcement of the recovery in its operational profitability for the 2022-2023 financial year. Thanks to record revenues, the manufacturer of complex plastic parts for consumer products posted Ebitda of 69.4 million euros, up 32.8%, and an Ebitda margin of 8.3%. compared to 7.4% a year ago. Plastivaloire is aiming for a “slightly higher” margin level for this year allowing it “to continue its innovation policy as well as its debt reduction trajectory”.
Net profit improved by 43.7% but remained negative due to net non-current charges of 20 million euros, including 15.3 million euros of goodwill depreciation in Germany with no impact on cash flow. “The net result would be positive without these non-recurring items, as it was in the second half,” underlines the group. Plastivaloire shows a net loss of 11.4 million euros.
TP Icap Midcap remains Hold on the stock with a price target of 2.9 euros, welcoming “a very good publication” with in particular “a remarkable performance on cash generation and debt reduction, a key element of the file”.
Free cash flow became positive again at 27.8 million euros, a clear increase compared to 2021-2022 (-6.4 million euros). The net financial debt to Ebitda leverage ratio thus fell to 3.2 at the end of the financial year compared to 4.6 in 2021-2022.
The group recalls that last year it achieved the highest turnover in its history, at 834.2 million euros (+18.5%), “crossing the 800 mark for the first time million euros over 12 months. It is targeting a 2023-2024 turnover of more than 800 million euros.
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