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1. Company Snapshot

1.a. Company Description

Surteco Group SE develops, produces, and sells coated surface materials based on paper and plastic in Germany, rest of Europe, and North and South America.The company operates through Decoratives, Profiles, and Technicals segments.The Decoratives segment offers decor papers, finish foils, and edgebandings.


Its Profiles segment provides floor strips, skirtings, wall edging systems, and technical extrusions for a range of industrial applications.The company's Technicals segment offers impregnated products, surface coatings, multi-layer hybrid foils, bandings, finish foils based on plastic, and technical plastic foils for other industrial sectors and for further processing to form carpets.It serves the wood-based, flooring, door and furniture, interior design, construction, trade floorlayers, and caravan industries, as well as carpenters and artisan businesses.


Surteco Group SE is based in Buttenwiesen, Germany.

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1.b. Last Insights on SUR

Surteco Group SE's recent performance was driven by its estimated intrinsic value potentially being 100% above its share price. According to a recent analysis, the company's estimated fair value is €30.14 based on the 2-Stage Free Cash Flow to Equity model. This suggests that the company's stock may be undervalued, providing a potential upside for investors.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (3.89%)

6. Segments

Surfaces

Expected Growth: 4.0%

Surteco Group SE's 4.0% growth in Surfaces segment is driven by increasing demand for decorative surfaces in the furniture and construction industries, coupled with the company's strategic expansion into emerging markets, innovative product offerings, and operational efficiency improvements.

North America

Expected Growth: 3.5%

Surteco Group SE's 3.5% growth in North America is driven by increasing demand for decorative surfaces and edgebanding products in the furniture industry, supported by a strong housing market and rising consumer spending. Additionally, the company's strategic expansion into the US market and investments in digitalization and sustainability initiatives contribute to its growth momentum.

Edge Bands

Expected Growth: 3.8%

Surteco Group SE's Edge Bands segment growth of 3.8% is driven by increasing demand for decorative edging solutions in the furniture industry, fueled by rising consumer spending on home decor and furniture. Additionally, the company's focus on innovative products and strategic partnerships has contributed to its market share expansion.

Profiles

Expected Growth: 4.2%

Surteco Group SE's 4.2% growth is driven by increasing demand for decorative surfaces and edgebanding in the furniture industry, coupled with the company's strategic expansion into emerging markets, innovative product offerings, and operational efficiency improvements.

Asia Pacific

Expected Growth: 4.5%

Surteco Group SE's 4.5% growth in Asia Pacific is driven by increasing demand for decorative surfaces and edging technology in the region's thriving furniture industry, supported by rising middle-class consumption and urbanization in countries like China, India, and Indonesia.

7. Detailed Products

Decorative Foils

Surteco's decorative foils are used for surface decoration of furniture, doors, and other wood-based products.

Edgebanding

Surteco's edgebanding products are used to cover and protect the edges of wood-based panels.

Profile Wraps

Surteco's profile wraps are used to decorate and protect profiles, such as skirting boards and architraves.

Worktops

Surteco's worktops are used in the production of kitchen and bathroom countertops.

Technical Foils

Surteco's technical foils are used in a variety of industrial applications, including automotive, aerospace, and construction.

8. Surteco Group SE's Porter Forces

Forces Ranking

Threat Of Substitutes

Surteco Group SE operates in the furniture industry, where substitutes are available, but not easily accessible. The company's products are specialized, and customers may not easily find alternatives.

Bargaining Power Of Customers

Surteco Group SE has a diverse customer base, which reduces the bargaining power of individual customers. Additionally, the company's products are specialized, making it difficult for customers to switch to alternative suppliers.

Bargaining Power Of Suppliers

Surteco Group SE relies on a few key suppliers for raw materials. While the company has some bargaining power, suppliers also have some leverage due to the specialized nature of the materials.

Threat Of New Entrants

The furniture industry has high barriers to entry, including significant capital requirements and specialized manufacturing capabilities. New entrants would face significant challenges in competing with established players like Surteco Group SE.

Intensity Of Rivalry

The furniture industry is highly competitive, with many established players competing for market share. Surteco Group SE faces intense rivalry from other companies, which can lead to pricing pressure and reduced profit margins.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 53.25%
Debt Cost 3.95%
Equity Weight 46.75%
Equity Cost 6.88%
WACC 5.32%
Leverage 113.90%

11. Quality Control: Surteco Group SE passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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A-Score: 4.4/10

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Growth: 3.1

Quality: 2.5

Yield: 5.0

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Volatility: 5.3

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

11.45$

Current Price

11.45$

Potential

-0.00%

Expected Cash-Flows