(Boursier.com) — Plastivaloire was stable at 6.80 euros on Tuesday, while the group announced that the first quarter of its 2021-2022 financial year (October-December) had taken place as expected in an unfavorable context, in line with the last quarter of the 2020-2021 fiscal year. The activity indeed remained impacted by the “stop & go” periods in the production centers of the customers, in particular automotive, due to the shortage of electronic components.
In this context, revenue of 160.8 ME is down -15.9% compared to the same period in 2020-2021. As a reminder, the latter had set a historic record for the Group, driven by a rebound effect after the restriction periods. Plastivaloire specifies that this trend is globally in line with its projections for the financial year, knowing that Europe has been more affected by the volatility of production rates which concerns almost all customers. The Americas region (United States – Mexico), on the other hand, achieved a turnover very close to that recorded in the 1st quarter of 2020-2021 and that of the 1st quarter of 2019-2020 before the outbreak of the health crisis.
Plastivaloire is maintaining its annual sales target of around €700 million, higher than last year, counting on an improvement in activity quarter after quarter and a return to growth in the second half, i.e. seasonality reversed compared to 2020-2021. Like all market players, the Group also confirms that it is facing inflationary pressures on raw materials, transport and energy. The challenge is to negotiate and to be able to quickly pass them on to its selling prices, particularly in Europe, in order to achieve the ambitious EBITDA margin target (around 10% over the financial year).
The group is also continuing its organizational efforts to make its production tool more flexible in order to best adjust its capacities and expenses according to the volume of activity. On the commercial front, order intake at the start of the year is at a good level, in line with expectations. Plastivaloire is thus preparing to fully benefit in terms of economic performance from the return of automotive production to its pre-health crisis level. “This publication, in line with the group’s expectations, and the confirmation of the objectives lead us to maintain our scenario and our opinion Keep” comments Portzamparc who adjusts his TP from 6.8 to 7.1 euros.
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