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1. Company Snapshot

1.a. Company Description

STEICO SE develops, produces, and markets ecological construction products made of renewable raw materials worldwide.The company offers flexible and stable wood fiber insulation panels, and facade insulation materials which are used in the new buildings and renovation works; and sealing products for the building shell.It also provides cavity wall insulation made of wood fibers and cellulose.


In addition, the company provides construction products, such as I-joists and laminated veneer lumber products; and fibreboards for pinboards or door fills, as well as other products for industrial applications.Further, it is involved in the timber wholesale business; and provision of seminar services to train craftsmen, architects, and trade representatives, as well as people building their own homes.The company was founded in 1986 and is based in Feldkirchen, Germany.


STEICO SE is a subsidiary of Schramek GmbH.

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1.b. Last Insights on ST5

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1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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STEICO Full Year 2022 Earnings: Revenues Miss Expectations

May -18

Source:

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (7.73%)

6. Segments

Wood Fiber Insulation Materials

Expected Growth: 7.5%

STEICO SE's Wood Fiber Insulation Materials segment growth of 7.5% is driven by increasing demand for sustainable building materials, stringent energy efficiency regulations, and rising consumer awareness of environmental issues. Additionally, the growing trend of eco-friendly construction and renovation projects, as well as the company's expanding product portfolio and geographic presence, contribute to this growth.

Construction Products (I-joists)

Expected Growth: 8.5%

STEICO SE's 8.5% growth in Construction Products (I-joists) is driven by increasing demand for sustainable building materials, rising popularity of wood-based construction, and growing adoption of off-site manufacturing. Additionally, government incentives for energy-efficient buildings and stringent building codes also contribute to the segment's growth.

Construction Products (Laminated Veneer Lumber)

Expected Growth: 8.2%

STEICO SE's 8.2% growth in Construction Products (Laminated Veneer Lumber) is driven by increasing demand for sustainable building materials, government incentives for eco-friendly construction, and rising popularity of engineered wood products in residential and commercial building projects.

Special Products

Expected Growth: 7.8%

STEICO SE's Special Products segment growth of 7.8% is driven by increasing demand for sustainable and eco-friendly building materials, government incentives for energy-efficient construction, and rising adoption of modular building techniques. Additionally, STEICO's strategic expansion into new markets and product innovations have contributed to the segment's growth.

Other

Expected Growth: 7.2%

STEICO SE's 7.2% growth in 'Other' segment is driven by increasing demand for sustainable insulation solutions, expansion into new geographies, and strategic partnerships. Additionally, the company's focus on product innovation, particularly in the area of ecological and recyclable materials, has contributed to its growth momentum.

Fiberboards

Expected Growth: 7.9%

STEICO SE's fiberboard segment growth of 7.9% is driven by increasing demand for sustainable building materials, government incentives for eco-friendly construction, and rising popularity of engineered wood products. Additionally, STEICO's strategic expansion into new markets, product innovation, and efficient production processes have contributed to the segment's growth.

Prefabricated Building Element Production

Expected Growth: 8.1%

STEICO SE's 8.1% growth in Prefabricated Building Element Production is driven by increasing demand for sustainable and energy-efficient buildings, government incentives for green construction, and rising adoption of modular building techniques. Additionally, STEICO's strategic expansion into new markets and product innovations have contributed to the growth.

Timber Wholesale

Expected Growth: 8.3%

Strong demand for sustainable building materials, increasing adoption of engineered wood products, and STEICO SE's expanding production capacity and geographic reach drive the 8.3% growth in Timber Wholesale. Additionally, government incentives for eco-friendly construction and rising consumer awareness of environmental issues contribute to the segment's growth.

7. Detailed Products

Fibre Insulation

STEICO SE offers a wide range of fibre insulation products made from natural and recycled materials, providing thermal and acoustic insulation for buildings.

Wood Fibre Insulation Boards

STEICO SE's wood fibre insulation boards are made from natural wood fibres, providing high thermal insulation performance and a sustainable alternative to traditional insulation materials.

Fibre Insulation Batts

STEICO SE's fibre insulation batts are designed for easy installation in walls, floors, and ceilings, providing high thermal insulation performance and energy efficiency.

Wood Fibre Insulation Panels

STEICO SE's wood fibre insulation panels are made from natural wood fibres, providing high thermal insulation performance and a sustainable alternative to traditional insulation materials.

Facade Insulation Systems

STEICO SE's facade insulation systems provide a comprehensive solution for exterior wall insulation, including insulation materials, fixing systems, and accessories.

Roof Insulation Systems

STEICO SE's roof insulation systems provide a comprehensive solution for roof insulation, including insulation materials, fixing systems, and accessories.

8. STEICO SE's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for STEICO SE is moderate, as there are alternative products available in the market, but they are not highly attractive to customers.

Bargaining Power Of Customers

The bargaining power of customers for STEICO SE is low, as the company has a strong brand presence and customers have limited bargaining power.

Bargaining Power Of Suppliers

The bargaining power of suppliers for STEICO SE is moderate, as the company has a diverse supplier base, but some suppliers have significant bargaining power.

Threat Of New Entrants

The threat of new entrants for STEICO SE is high, as the industry has low barriers to entry and new companies can easily enter the market.

Intensity Of Rivalry

The intensity of rivalry for STEICO SE is high, as the industry is highly competitive and companies are constantly competing for market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 37.97%
Debt Cost 4.25%
Equity Weight 62.03%
Equity Cost 9.26%
WACC 7.35%
Leverage 61.22%

11. Quality Control: STEICO 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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Altri

A-Score: 6.0/10

Value: 5.6

Growth: 4.4

Quality: 5.4

Yield: 8.8

Momentum: 4.0

Volatility: 8.0

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Corticeira Amorim

A-Score: 5.7/10

Value: 6.4

Growth: 4.0

Quality: 6.1

Yield: 6.9

Momentum: 1.0

Volatility: 9.7

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ENCE Energía y Celulosa

A-Score: 5.5/10

Value: 8.1

Growth: 4.9

Quality: 2.3

Yield: 5.6

Momentum: 4.0

Volatility: 8.0

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Surteco

A-Score: 4.4/10

Value: 9.3

Growth: 3.1

Quality: 2.5

Yield: 5.0

Momentum: 1.0

Volatility: 5.3

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STEICO

A-Score: 3.8/10

Value: 7.1

Growth: 4.4

Quality: 5.2

Yield: 0.6

Momentum: 4.0

Volatility: 1.3

1-Year Total Return ->

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Norske Skog

A-Score: 2.5/10

Value: 9.6

Growth: 1.3

Quality: 2.7

Yield: 0.0

Momentum: 0.0

Volatility: 1.3

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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

22.3$

Current Price

22.3$

Potential

-0.00%

Expected Cash-Flows