Blue Cap showed a strong performance in 2020, which was dominated by the coronavirus pandemic. Revenues rose by 3% y-o-y to €233m, while the adjusted EBITDA margin improved 120bp y-o-y to 7.6%, fuelled by cost savings and the positive development in the Plastics segment. For FY21, Blue Cap expects revenues of €255–265m and an adjusted EBITDA margin of 8–9%. Group NAV increased 9% y-o-y to €153.9m. The current share price reflects a discount of 30% to NAV per share of €38.58.
