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Executive Interview - Delignit

Edison TV: | General Industrials | 06 Dec 2018

Delignit is a German manufacturer of ecological products and system solutions based on hardwood for the automotive, rail and safety equipment industries. It was acquired by industrial holding company Messerschmitt-Bölkow-Blohm in 2003 and was listed in 2007. Exports account for almost 50% of sales. In this interview, CEO Markus Büscher discusses Delignit’s main activities, its targeting of niche markets and its commitment to innovation. He also explains the considerable opportunity for expansion in terms of product applications and geography. Finally, he comments positively on prospects, both near and long term, and on the merits of a stable balance sheet.


Delignit delivers

Update | General Industrials | 28 Aug 2018

Delignit has combined another strong trading performance (H118 EBITDA up 16%) with further signs of a potentially lucrative return on its strategic goal of business model transition. While early days, the award of a high-profile OEM contract for motor caravans brings not only the promise of double-digit million annual sales but, yet more importantly, encouraging evidence of Delignit’s ability to transfer its model to new markets. Meanwhile, H1’s clear EBITDA margin beat (by 10%) suggests that, as for 2017, this full-year management guidance may well prove cautious. Finances remain sound (net debt/EBITDA of only 0.8x for the last 12 months).


Firing on all cylinders

Update | General Industrials | 30 Apr 2018

Delignit is delivering across the board with growing evidence that well-defined strategic development is paying off. While 2017 performance was impressive (EBITDA up a third), the pace may accelerate thanks to recent bumper investment in capacity, efficiencies and a more diversified revenue base, allied with continued positive conditions. Indeed, management looks to double annual revenue at enhanced margin by 2022, which suggests that, as for 2017, current year guidance of sales up 8%+ at broadly similar margin may be cautious. Robust finances (FY17 net debt/EBITDA of 0.8x) support investment and dividend growth (+67% in 2017).


Investment paying off

Update | General Industrials | 12 Sep 2017

Strong H1 results (EBITDA +42%) and recent major orders in the LCV and rail transport segments reinforce confidence in confirmed positive profit guidance for 2017. Moreover, it is particularly encouraging that well-defined strategic development looks increasingly to be paying off, with the current 2016/17 EUR 6m bumper capex affording capacity expansion, efficiency gains and a more diversified revenue base. Finances remain secure (net debt/EBITDA of 1.3x for the last 12 months), allowing ample room for further investment.


Leveraging ecological strengths

Initiation | General Industrials | 19 Jul 2017

The recent orders in the LCV and rail transport segments illustrate Delignit’s ability to deliver customised solutions and foster technological advancements in ecological materials. Dependence on the domestic market is also gradually reducing as the group is diversifying its revenue base globally. Delignit posted a 9.2% revenue CAGR in FY12-16 and management’s guidance is for a 10-15% sales increase in FY17, which is reflected in an FY16 P/E multiple of c 33x.