Nabaltec AG (NTG GR) - Final FY23 as expected, solid start into FY24

Nabaltec released final FY23 figures as well as Q1 prelims, which point towards a solid start into the year, especially in regards to profitability. Valuation remains undemanding.

Nabaltec AG (NTG GR) - FY23 profitability better than expected / valuation too pessimistic

While profitability in Q4 (preliminary figures) came in significantly better than expected, sales fell slightly short of expectations. Although FY24 is seen to also be burdened by the challenging macro environment, valuation has more than factored it in, in our view.

Nabaltec (NTG GR) - Q3 review: better-than-feared margin thanks to boehmite; chg

Nabaltec releases solid Q3 figures with sales as expected but EBIT above estimates thanks to an improved product mix (growing boehmite sales). The upper ends of the FY EBIT margin guidance are in reach.

Nabaltec - Getting back to pre-pandemic performance

Nabaltec’s H121 results show that the recovery that commenced in Q420 has been sustained. Revenues were only 2% behind pre-pandemic levels in Q221, resulting in a record EBIT margin. Management has raised FY21 guidance. Performance at the upper end could potentially result in record revenues this year. Guidance is supported by strong demand for boehmite, which is used in electric vehicle (EV) batteries, as management expects its sales of this material (10% of FY20 sales) to jump by around 50% in

Nabaltec - Recovery underway

Nabaltec’s results for the first three quarters of 2020 were blighted by the coronavirus pandemic, which depressed demand for most product categories, particularly materials used by European steelmakers. This resulted in a 10.8% decrease in FY revenues and a halving in pre-exceptional EBIT. Revenues began to recover in Q420. This positive trend has continued into FY21, with management anticipating record highs again by FY22. We expect strong demand for materials such as boehmite, which is used i

Nabaltec - Still profitable despite difficult environment

The COVID-19 pandemic had an adverse impact on demand for most of Nabaltec’s products during Q220, with the European steel and automotive industries particularly badly affected. Management has taken steps to reduce costs, so, if write-downs totalling €2.1m are excluded, the group generated €1.7m EBIT during Q220.

Nabaltec - Investment in US for medium-term growth

Weakness in demand for refractories from the European steel and automotive industries caused Nabaltec’s revenues to drop during Q419, offsetting the progress made in the first three quarters. Revenues continued to decline during Q120 because of the coronavirus pandemic. Noting the uncertainty caused by the pandemic, management has withdrawn guidance. However, it continues to bring additional capacity in the US on line to serve customer there more efficiently.

Nabaltec - Margin expansion sustained

Nabaltec’s H119 results demonstrate that the margin expansion achieved in FY18 has been sustained, supporting management’s full year guidance. The improvement reflects a shift to high-margin products, including reactive alumina and boehmite used in lithium-ion batteries for electric vehicles and energy storage, as well as planned price increases. Longer-term boehmite could represent an activity equal in scale to the Specialty Alumina segment, which currently accounts for a third of group revenue

Nabaltec - Shift to higher-margin products

Nabaltec posted record revenues and EBIT in FY18, despite the US facility being out of operation for most of the year. This reflects a shift to high-margin products, including reactive alumina and boehmite used in lithium-ion batteries for electric vehicles and energy storage. Management expects stronger revenue growth in FY19 as US capacity comes on line, with a sustained shift to higher-margin product supporting margin expansion.

Nabaltec - Record revenues despite US shutdown

Nabaltec posted record revenues in H118 despite the US facility being out of operation. A shift to high-margin products partly offset the negative impact of the factory closure. Commissioning of the expanded facility commenced in August, with production ramping up the rest of the year.

Nabaltec - Record FY17 performance

Nabaltec achieved extremely strong earnings growth in FY17, despite the drag on revenue growth and margins caused by the temporary shutdown of the US production facility for aluminium hydroxide flame retardants, Nashtec, in August 2016 when its main supplier (and JV partner) went into administration. Management secured the remaining stake in Nashtec in March 2017, enabling it to move forward with plans to re-open an enlarged facility in Q218. It also plans to construct production facilities for

Record H117 performance; guidance raised

Nabaltec achieved strong earnings growth in H117, despite the drag on revenue growth and margins caused by the temporary shutdown of the US production facility, Nashtec, in August 2016 when its main supplier (and JV partner) went into administration. Management secured the outstanding stake in Nashtec in March 2017, enabling it to move forward with plans to re-open an enlarged facility in Q118. This will enable Nabaltec to benefit from growth in demand in Europe driven by tightening safety regul

Making everyday life safer

Nabaltec has proved itself able to deliver revenue growth significantly ahead of the German chemical industry as a whole by concentrating on those applications benefiting from rising demand. Through a sustained programme of investment in capacity and product development and a reputation for quality, it has become the global leader in fine precipitated aluminium hydroxide used as environmentally friendly flame retardants.

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