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Recticel

ENXTBR:REC
Snowflake Description

Excellent balance sheet average dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
REC
ENXTBR
€410M
Market Cap
  1. Home
  2. BE
  3. Materials
Company description

Recticel SA/NV manufactures and markets polyurethane foams for the flexible foams, bedding, insulation, and automotive applications. The last earnings update was 81 days ago. More info.


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  • Recticel has significant price volatility in the past 3 months.
REC Share Price and Events
7 Day Returns
-5.5%
ENXTBR:REC
0.9%
BE Chemicals
2.7%
BE Market
1 Year Returns
-23.5%
ENXTBR:REC
-30.1%
BE Chemicals
-5.8%
BE Market
REC Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Recticel (REC) -5.5% -7.5% -20.5% -23.5% 52.6% -0.5%
BE Chemicals 0.9% -1.3% -25.2% -30.1% 6.2% -7.8%
BE Market 2.7% 3.6% -0.9% -5.8% -10.7% 8.8%
1 Year Return vs Industry and Market
  • REC outperformed the Chemicals industry which returned -30.1% over the past year.
  • REC underperformed the Market in Belgium which returned -5.8% over the past year.
Price Volatility
REC
Industry
5yr Volatility vs Market

REC Value

 Is Recticel undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Recticel to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Recticel.

ENXTBR:REC Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 3 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.9%
Perpetual Growth Rate 10-Year BE Government Bond Rate 0.8%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for ENXTBR:REC
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year BE Govt Bond Rate 0.8%
Equity Risk Premium S&P Global 6.8%
Chemicals Unlevered Beta Simply Wall St/ S&P Global 0.89
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.888 (1 + (1- 29%) (30.46%))
1.054
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.05
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.77% + (1.054 * 6.8%)
7.94%

Discounted Cash Flow Calculation for ENXTBR:REC using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Recticel is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

ENXTBR:REC DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (EUR, Millions) Source Present Value
Discounted (@ 7.94%)
2020 41.50 Analyst x1 38.45
2021 47.50 Analyst x1 40.77
2022 52.10 Est @ 9.68% 41.43
2023 55.74 Est @ 7% 41.07
2024 58.61 Est @ 5.13% 40.01
2025 60.85 Est @ 3.82% 38.48
2026 62.62 Est @ 2.91% 36.69
2027 64.04 Est @ 2.27% 34.76
2028 65.20 Est @ 1.82% 32.79
2029 66.18 Est @ 1.5% 30.84
Present value of next 10 years cash flows €375.30
ENXTBR:REC DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= €66.18 × (1 + 0.77%) ÷ (7.94% – 0.77%)
€930.77
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= €930.77 ÷ (1 + 7.94%)10
€433.72
ENXTBR:REC Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €375.30 + €433.72
€809.02
Equity Value per Share
(EUR)
= Total value / Shares Outstanding
= €809.02 / 54.97
€14.72
ENXTBR:REC Discount to Share Price
Calculation Result
Value per share (EUR) From above. €14.72
Current discount Discount to share price of €7.45
= -1 x (€7.45 - €14.72) / €14.72
49.4%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Recticel is available for.
Intrinsic value
49%
Share price is €7.45 vs Future cash flow value of €14.72
Current Discount Checks
For Recticel to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Recticel's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Recticel's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Recticel's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Recticel's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
ENXTBR:REC PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in EUR €0.53
ENXTBR:REC Share Price ** ENXTBR (2019-07-19) in EUR €7.45
Belgium Chemicals Industry PE Ratio Median Figure of 7 Publicly-Listed Chemicals Companies 13.6x
Belgium Market PE Ratio Median Figure of 87 Publicly-Listed Companies 14.99x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Recticel.

ENXTBR:REC PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= ENXTBR:REC Share Price ÷ EPS (both in EUR)

= 7.45 ÷ 0.53

14.12x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Recticel is overvalued based on earnings compared to the BE Chemicals industry average.
  • Recticel is good value based on earnings compared to the Belgium market.
Price based on expected Growth
Does Recticel's expected growth come at a high price?
Raw Data
ENXTBR:REC PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 14.12x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts
12.3%per year
Europe Chemicals Industry PEG Ratio Median Figure of 60 Publicly-Listed Chemicals Companies 1.77x
Belgium Market PEG Ratio Median Figure of 40 Publicly-Listed Companies 1.83x

*Line of best fit is calculated by linear regression .

ENXTBR:REC PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 14.12x ÷ 12.3%

1.15x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Recticel is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Recticel's assets?
Raw Data
ENXTBR:REC PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in EUR €4.83
ENXTBR:REC Share Price * ENXTBR (2019-07-19) in EUR €7.45
Belgium Chemicals Industry PB Ratio Median Figure of 8 Publicly-Listed Chemicals Companies 1.5x
Belgium Market PB Ratio Median Figure of 119 Publicly-Listed Companies 1.55x
ENXTBR:REC PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= ENXTBR:REC Share Price ÷ Book Value per Share (both in EUR)

= 7.45 ÷ 4.83

1.54x

* Primary Listing of Recticel.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Recticel is overvalued based on assets compared to the BE Chemicals industry average.
X
Value checks
We assess Recticel's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Chemicals industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Chemicals industry average (and greater than 0)? (1 check)
  5. Recticel has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

REC Future Performance

 How is Recticel expected to perform in the next 1 to 3 years based on estimates from 3 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
12.3%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Recticel expected to grow at an attractive rate?
  • Recticel's earnings growth is expected to exceed the low risk savings rate of 0.8%.
Growth vs Market Checks
  • Recticel's earnings growth is expected to exceed the Belgium market average.
  • Recticel's revenue growth is positive but not above the Belgium market average.
Annual Growth Rates Comparison
Raw Data
ENXTBR:REC Future Growth Rates Data Sources
Data Point Source Value (per year)
ENXTBR:REC Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts 12.3%
ENXTBR:REC Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 3 Analysts 1.1%
Belgium Chemicals Industry Earnings Growth Rate Market Cap Weighted Average 9.9%
Europe Chemicals Industry Revenue Growth Rate Market Cap Weighted Average 3.6%
Belgium Market Earnings Growth Rate Market Cap Weighted Average 8%
Belgium Market Revenue Growth Rate Market Cap Weighted Average 3.8%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
ENXTBR:REC Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (6 months ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
ENXTBR:REC Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-12-31 1,183 49 1
2021-12-31 1,129 88 46 3
2020-12-31 1,108 85 43 3
2019-12-31 1,084 81 37 3
ENXTBR:REC Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2018-12-31 1,118 57 29
2018-09-30 1,133 69 29
2018-06-30 1,149 81 28
2018-03-31 1,142 78 26
2017-12-31 1,135 76 24
2017-09-30 1,108 56 20
2017-06-30 1,080 36 15
2017-03-31 1,064 39 16
2016-12-31 1,048 42 16
2016-09-30 1,049 43 16
2016-06-30 1,049 45 15
2016-03-31 1,041 37 10

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Recticel's earnings are expected to grow by 12.3% yearly, however this is not considered high growth (20% yearly).
  • Recticel's revenue is expected to grow by 1.1% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
ENXTBR:REC Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (6 months ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below

All data from Recticel Company Filings, last reported 6 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ENXTBR:REC Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-12-31
2021-12-31 0.83 0.94 0.69 3.00
2020-12-31 0.78 0.86 0.67 3.00
2019-12-31 0.70 0.75 0.64 3.00
ENXTBR:REC Past Financials Data
Date (Data in EUR Millions) EPS *
2018-12-31 0.53
2018-09-30 0.52
2018-06-30 0.52
2018-03-31 0.48
2017-12-31 0.44
2017-09-30 0.36
2017-06-30 0.28
2017-03-31 0.29
2016-12-31 0.31
2016-09-30 0.29
2016-06-30 0.28
2016-03-31 0.20

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Recticel is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Recticel's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Belgium market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Recticel has a total score of 2/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

REC Past Performance

  How has Recticel performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Recticel's growth in the last year to its industry (Chemicals).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Recticel has delivered over 20% year on year earnings growth in the past 5 years.
  • Recticel's 1-year earnings growth is less than its 5-year average (20.6% vs 69.2%)
  • Recticel's earnings growth has not exceeded the BE Chemicals industry average in the past year (20.6% vs 20.6%).
Earnings and Revenue History
Recticel's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Recticel Company Filings, last reported 6 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ENXTBR:REC Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 1,117.65 28.85 144.54 11.04
2018-09-30 1,133.35 28.57 149.20 12.32
2018-06-30 1,149.04 28.30 151.53 13.60
2018-03-31 1,142.20 26.11 150.22 13.66
2017-12-31 1,135.35 23.91 151.24 13.72
2017-09-30 1,107.61 19.52 145.71 13.40
2017-06-30 1,079.87 15.13 140.18 13.08
2017-03-31 1,064.10 15.73 146.35 12.99
2016-12-31 1,048.32 16.33 152.52 12.89
2016-09-30 1,048.74 15.68 154.72 12.91
2016-06-30 1,049.16 15.03 156.92 12.93
2016-03-31 1,041.46 9.78 155.79 12.73
2015-12-31 1,033.76 4.54 154.67 12.54
2015-09-30 1,021.11 2.99 153.00 12.67
2015-06-30 1,008.45 1.44 151.33 12.81
2015-03-31 995.91 -4.15 149.22 13.04
2014-12-31 983.37 -9.75 147.10 13.28
2014-09-30 979.70 -20.97 147.27 14.49
2014-06-30 976.02 -32.19 147.44 15.71
2014-03-31 976.39 -34.16 144.01 14.94
2013-12-31 976.76 -36.14 140.58 14.18
2013-09-30 913.18 -21.53 131.37 12.62
2013-06-30 849.60 -6.93 122.15 11.06
2013-03-31 942.32 4.21 128.31 12.00
2012-12-31 1,035.05 15.35 134.47 12.94
2012-09-30 1,339.02 17.49 158.09 15.07

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Recticel has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Recticel used its assets less efficiently than the BE Chemicals industry average last year based on Return on Assets.
  • Recticel has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Recticel's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Chemicals industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Recticel has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

REC Health

 How is Recticel's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Recticel's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Recticel is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Recticel's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Recticel's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 2.8x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Recticel Company Filings, last reported 6 months ago.

ENXTBR:REC Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 264.98 106.58 39.69
2018-09-30 264.98 106.58 39.69
2018-06-30 254.69 127.33 41.35
2018-03-31 254.69 127.33 41.35
2017-12-31 261.79 125.21 57.97
2017-09-30 261.79 125.21 57.97
2017-06-30 257.05 155.55 48.61
2017-03-31 257.05 155.55 48.61
2016-12-31 251.21 134.86 37.28
2016-09-30 251.21 134.86 37.28
2016-06-30 245.59 135.97 37.46
2016-03-31 245.59 135.97 37.46
2015-12-31 248.96 139.97 56.06
2015-09-30 248.96 139.97 56.06
2015-06-30 249.46 148.42 51.51
2015-03-31 249.46 148.42 51.51
2014-12-31 166.16 176.82 26.68
2014-09-30 166.16 176.82 26.68
2014-06-30 174.05 168.97 27.05
2014-03-31 174.05 168.97 27.05
2013-12-31 186.76 143.93 26.66
2013-09-30 186.76 143.93 26.66
2013-06-30 217.25 177.23 43.65
2013-03-31 217.25 177.23 43.65
2012-12-31 241.09 134.20 19.20
2012-09-30 260.62 176.21 27.72
  • Recticel's level of debt (47.1%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (88.6% vs 47.1% today).
  • Debt is well covered by operating cash flow (46%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 19.5x coverage).
X
Financial health checks
We assess Recticel's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Recticel has a total score of 5/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

REC Dividends

 What is Recticel's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
3.22%
Current annual income from Recticel dividends. Estimated to be 4.13% next year.
If you bought €2,000 of Recticel shares you are expected to receive €64 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Recticel's pays a higher dividend yield than the bottom 25% of dividend payers in Belgium (2.34%).
  • Recticel's dividend is below the markets top 25% of dividend payers in Belgium (4.63%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
ENXTBR:REC Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below
Belgium Chemicals Industry Average Dividend Yield Market Cap Weighted Average of 5 Stocks 3.7%
Belgium Market Average Dividend Yield Market Cap Weighted Average of 77 Stocks 3.5%
Belgium Minimum Threshold Dividend Yield 10th Percentile 1.2%
Belgium Bottom 25% Dividend Yield 25th Percentile 2.3%
Belgium Top 25% Dividend Yield 75th Percentile 4.6%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

ENXTBR:REC Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2022-12-31 0.36 1.00
2021-12-31 0.32 3.00
2020-12-31 0.30 3.00
2019-12-31 0.28 3.00
ENXTBR:REC Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2019-04-30 0.240 3.007
2019-02-28 0.240 3.359
2018-05-02 0.220 2.688
2018-02-26 0.220 2.179
2017-04-28 0.180 2.360
2017-02-27 0.180 2.474
2016-05-02 0.140 2.437
2016-02-26 0.140 2.452
2015-05-26 0.200 3.934
2014-05-27 0.200 3.458
2013-05-02 0.290 5.088
2013-03-04 0.290 4.779
2012-05-29 0.280 5.456
2011-03-04 0.270 4.835
2011-03-03 0.270 3.774
2010-03-01 0.188 2.505
2010-01-15 0.250 4.233
2008-12-31 0.170 4.475

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Recticel's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2.2x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (2.6x coverage).
X
Income/ dividend checks
We assess Recticel's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.2%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Recticel afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Recticel has a total score of 4/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

REC Management

 What is the CEO of Recticel's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Olivier Chapelle
COMPENSATION €943,130
AGE 55
CEO Bio

Mr. Olivier Chapelle is a Group General Manager of Bedding at Recticel SA since January 20, 2017. Experience: • Chief Executive Officer – Recticel 12/2009 – Present • Chief Executive Officer – Wagon Automotive SAS 2004 – 10/2009 • Division Vice-President – Faurecia 2002 – 2004 • Sales & Marketing Director, Europe, Middle East & Africa – Owens Corning 1999 – 2002 • Plant Manager in Wrexham, UK – Owens Corning 1998 – 1999 • Process Engineering Manager – GlaxoSmithKline 1992 – 1996. Education: Université Catholique de Louvain, Belgium, Civil Mechanical Engineer 1982 – 1988 Solvay Business School, Brussels, Belgium MBA 1991 – present.

CEO Compensation
  • Olivier's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Olivier's remuneration is higher than average for companies of similar size in Belgium.
Management Team Tenure

Average tenure of the Recticel management team in years:

7.4
Average Tenure
  • The average tenure for the Recticel management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Olivier Chapelle

TITLE
CEO, MD
COMPENSATION
€943K
AGE
55

Jean-Pierre Mellen

TITLE
Chief Financial Officer
TENURE
17.3 yrs

Betty Bogaert

TITLE
Chief Information & Digitalisation Officer

Michel De Smedt

TITLE
Communications & Investor Relations Officer

Dirk Verbruggen

TITLE
General Counsel
TENURE
6.6 yrs

Bart Massant

TITLE
Chief Human Resources Officer
AGE
56

Jean-Pierre De Kesel

TITLE
Chief Sustainable Innovation Officer
TENURE
3.5 yrs

François Petit

TITLE
Chief Procurement Officer
TENURE
8.2 yrs

Jörg Söltzer

TITLE
Managing Director - Bedding Germany

Martin Kruse

TITLE
Managing Director of Recticel Automobilsysteme Gmbh
Board of Directors Tenure

Average tenure and age of the Recticel board of directors in years:

4.4
Average Tenure
55
Average Age
  • The tenure for the Recticel board of directors is about average.
Board of Directors

Johnny Thijs

TITLE
Independent Chairman
COMPENSATION
€90K
AGE
67
TENURE
4.2 yrs

Olivier Chapelle

TITLE
CEO, MD
COMPENSATION
€943K
AGE
55
TENURE
10.5 yrs

Luc Missorten

TITLE
Independent Director
COMPENSATION
€60K
AGE
64
TENURE
4.2 yrs

Ingrid Merckx

TITLE
Independent Director
COMPENSATION
€45K
AGE
53
TENURE
7.2 yrs

Benoit Deckers

TITLE
Non-Executive Director
COMPENSATION
€78K
AGE
55
TENURE
4.4 yrs

Frédéric Van Gansberghe

TITLE
Non-Executive Director
COMPENSATION
€38K
AGE
61
TENURE
5.2 yrs

Pierre-Yves de Laminne de Bex

TITLE
Non-Executive Director
COMPENSATION
€30K
AGE
50
TENURE
5.2 yrs

Kurt Pierloot

TITLE
Independent Director
COMPENSATION
€35K
AGE
47
TENURE
4.2 yrs

Anne De Vos

TITLE
Independent Director
COMPENSATION
€35K
AGE
61
TENURE
2.2 yrs

Elisa Vlerick

TITLE
Non-Executive & Independent Director
Who owns this company?
Recent Insider Trading
  • No 3 month individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess Recticel's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Recticel has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

REC News

Simply Wall St News

What Kind Of Share Price Volatility Should You Expect For Recticel SA/NV (EBR:REC)?

Beta can be a useful tool to understand how much a stock is influenced by market risk (volatility). … A stock with a beta below one is either less volatile than the market, or more volatile but not corellated with the overall market. … Many would argue that beta is useful in position sizing, but fundamental metrics such as revenue and earnings are more important overall.

Simply Wall St -

Does Recticel (EBR:REC) Have A Healthy Balance Sheet?

We note that Recticel SA/NV (EBR:REC) does have debt on its balance sheet. … This deficit is considerable relative to its market capitalization of €422.7m, so it does suggest shareholders should keep an eye on Recticel's use of debt. … Since Recticel does have net debt, we think it is worthwhile for shareholders to keep an eye on the balance sheet, over time.

Simply Wall St -

Is Recticel SA/NV's (EBR:REC) CEO Salary Justified?

At the time of writing our data says that Recticel SA/NV has a market cap of €425m, and is paying total annual CEO compensation of €943k. … It would therefore appear that Recticel SA/NV pays Olivier Chapelle more than the median CEO remuneration at companies of a similar size, in the same market. … We compared total CEO remuneration at Recticel SA/NV with the amount paid at companies with a similar market capitalization.

Simply Wall St -

Recticel SA/NV (EBR:REC): What Are The Future Prospects?

After Recticel SA/NV's (EBR:REC) earnings announcement in December 2018, analyst consensus outlook appear cautiously optimistic, with earnings expected to grow by 34% in the upcoming year, though this is evidently lower than the historical 5-year average earnings growth of 69%. … To get an idea of the overall earnings growth trend for REC, I’ve plotted out each year’s earnings expectations and inserted a line of best fit to determine an annual rate of growth from the slope of this line. … ENXTBR:REC Past and Future Earnings, June 28th 2019 This results in an annual growth rate of 13% based on the most recent earnings level of €29m to the final forecast of €50m by 2022.

Simply Wall St -

Should Recticel NV/SA (EBR:REC) Be Part Of Your Dividend Portfolio?

With a cash payout ratio of 143%, Recticel/SA's dividend payments are poorly covered by cash flow. … While Recticel/SA's dividends were covered by the company's reported profits, free cash flow is somewhat more important, so it's not great to see that the company didn't generate enough cash to pay its dividend. … Dividend Growth Potential With a relatively unstable dividend, it's even more important to evaluate if earnings per share (EPS) are growing - it's not worth taking the risk on a dividend getting cut, unless you might be rewarded with larger dividends in future.

Simply Wall St -

Is Now An Opportune Moment To Examine Recticel NV/SA (EBR:REC)?

I find that Recticel/SA’s ratio of 15.44x is trading slightly above its industry peers’ ratio of 14.02x, which means if you buy Recticel/SA today, you’d be paying a relatively fair price for it. … And if you believe Recticel/SA should be trading in this range, then there isn’t really any room for the share price grow beyond what it’s currently trading. … Although value investors would argue that it’s the intrinsic value relative to the price that matter the most, a more compelling investment thesis would be high growth potential at a cheap price.

Simply Wall St -

Is Recticel NV/SA (EBR:REC) A Financially Sound Company?

REC’s Debt (And Cash Flows) REC's debt levels have fallen from €145m to €125m over the last 12 months , which also accounts for long term debt. … In REC's, case, the ratio of 19.46x suggests that interest is comfortably covered, which means that lenders may be willing to lend out more funding as REC’s high interest coverage is seen as responsible and safe practice. … Next Steps: REC’s high cash coverage means that, although its debt levels are high, the company is able to utilise its borrowings efficiently in order to generate cash flow.

Simply Wall St -

The Recticel/SA (EBR:REC) Share Price Is Up 46% And Shareholders Are Holding On

In the last three years the share price is up, 46%: better than the market. … Recticel/SA was able to grow its EPS at 73% per year over three years, sending the share price higher. … When looking at investment returns, it is important to consider the difference between total shareholder return (TSR) and share price return.

Simply Wall St -

A Note On Recticel NV/SA's (EBR:REC) ROE and Debt To Equity

The formula for ROE is: Return on Equity = Net Profit ÷ Shareholders' Equity Or for Recticel/SA: 11% = €29m ÷ €265m (Based on the trailing twelve months to December 2018.) Most readers would understand what net profit is, but it’s worth explaining the concept of shareholders’ equity. … Does Recticel/SA Have A Good Return On Equity? … A company that can achieve a high return on equity without debt could be considered a high quality business.

Simply Wall St -

Is Recticel NV/SA’s (EBR:REC) 12% ROCE Any Good?

In particular, we'll consider its Return On Capital Employed (ROCE), as that can give us insight into how profitably the company is able to employ capital in its business. … What is Return On Capital Employed (ROCE)? … ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business.

Simply Wall St -

REC Company Info

Description

Recticel SA/NV manufactures and markets polyurethane foams for the flexible foams, bedding, insulation, and automotive applications. The company operates through four segments: Flexible Foams, Bedding, Insulation, and Automotive. The Flexible Foams segment offers semi-finished products in flexible polyurethane foams. This segment also provides comfort foams; and technical foams that are used in various applications, such as sealing and silencing in passenger cars and industrial equipment, sponges, scouring pads, filters, paint rollers, and packaging. The Bedding segment provides fully finished mattresses, slats and bed bases, and beds, as well as produces sleep systems under the Beka, Lattoflex, Literie Bultex, Schlaraffia, Sembella, Superba, Swissflex, and GELTEX inside names. The Insulation segment offers sustainable thermal insulation products used in construction projects and building renovations under the Eurowall, Powerroof, Powerdeck, Powerwall, Xentro, and Recticel Insulation brand names. The Automotive segment provides instrument panels and door panels, and surface modules with integrated lower parts and seamless surfaces, as well as lightweight 3D components for door panels, armrests, interior trims, cabriolet top covers, load floors, rear shelves, and wheel arch panelling. This segment also offers molded comfort foam pads for car seats, and trim parts and expanded polypropylene parts under the Colo-Fast and Colo-Sense Lite brands. It operates in Belgium, France, Germany, the United Kingdom, and other European Union countries. Recticel SA/NV was founded in 1896 and is headquartered in Brussels, Belgium.

Details
Name: Recticel SA/NV
REC
Exchange: ENXTBR
Founded: 1896
€409,501,214
54,966,606
Website: http://www.recticel.com
Address: Recticel SA/NV
Avenue des Olympiades, 2,
Brussels,
Brussels, 1140,
Belgium
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
ENXTBR REC Ordinary Shares Euronext Brussels BE EUR 02. Jan 1992
DB RCZ Ordinary Shares Deutsche Boerse AG DE EUR 02. Jan 1992
LSE 0NHV Ordinary Shares London Stock Exchange GB EUR 02. Jan 1992
BATS-CHIXE RECB Ordinary Shares BATS 'Chi-X Europe' GB EUR 02. Jan 1992
Number of employees
Current staff
Staff numbers
8,472
Recticel employees.
Industry
Commodity Chemicals
Materials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/07/20 20:40
End of day share price update: 2019/07/19 00:00
Last estimates confirmation: 2019/07/19
Last earnings filing: 2019/04/30
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.