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1. Company Snapshot

1.a. Company Description

EXEL Industries SA designs, manufactures, and markets agricultural spraying equipment worldwide.The company offers garden watering and spraying equipment; industrial spraying equipment; and leisure and garden equipment.In addition, it provides sugar beet harvesters; technical hoses; ocean-going yachts, prestigious day-sailers, and neo-classic fishing and open powerboats.


The company offers its products under the Hardi, Evrard, Berthoud, Tecnoma, Nicolas, Matrot, CMC, Agrifac, Apache, Wauquiez, Rhéa-Marine, Tofinou, Hozelock, Laser, HOLMER, SAMES KREMLIN, TRICOFLEX, and Cooper Pegler brands.EXEL Industries SA was incorporated in 1952 and is based in Paris, France.

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1.b. Last Insights on EXE

EXEL Industries SA's recent performance was negatively impacted by a downturn in agricultural sales, resulting in a 19.0% decline in first quarter 2024-2025 revenue. The agricultural spraying segment was particularly affected, with a 28.8% drop in revenue, while the sugar beet harvesting segment also saw an 8.0% decline. In contrast, the leisure segment showed a 1.8% increase in revenue, driven by a 16.3% rise in sales. The company's industry segment also experienced a 3.2% decline in revenue.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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EXEL Industries: Full-year 2024–2025 revenue down 10.6%

Oct -24

Source:

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (2.62%)

6. Segments

Agricultural Spraying

Expected Growth: 2.5%

The 2.5% growth of Agricultural Spraying from EXEL Industries SA is driven by increasing global food demand, adoption of precision farming, and rising need for crop protection. Government initiatives promoting sustainable agriculture and growing awareness about environmental concerns also contribute to this growth.

Industry

Expected Growth: 2.8%

EXEL Industries SA's 2.8% growth is driven by increasing demand for agricultural and industrial spraying solutions, expansion in emerging markets, and strategic acquisitions. Additionally, the company's focus on innovation, digitalization, and sustainability initiatives contributes to its growth momentum.

Beet Pulling

Expected Growth: 2.2%

Beet pulling growth of 2.2% driven by increasing demand for sugar and biofuel, favorable weather conditions, and EXEL Industries SA's market share expansion in Eastern Europe. Additionally, the company's investment in precision farming technology and efficient harvesting systems has improved yields and reduced costs, contributing to the segment's growth.

Recreation

Expected Growth: 3.2%

Recreation segment of EXEL Industries SA driven by increasing outdoor activities, growing demand for camping and hiking gear, and rising popularity of eco-tourism. Additionally, innovation in product design, expansion into new markets, and strategic partnerships contribute to the 3.2% growth rate.

7. Detailed Products

Spraying Systems

EXEL Industries SA provides a wide range of spraying systems for various industries, including agriculture, industrial, and consumer goods. These systems are designed to optimize spraying performance, reduce waste, and improve efficiency.

Fertiliser Application

EXEL Industries SA offers fertiliser application systems that enable precise and efficient fertiliser distribution, reducing waste and environmental impact.

Plant Protection

EXEL Industries SA provides plant protection solutions that help farmers and growers protect their crops from pests and diseases, ensuring healthy plant growth and optimal yields.

Industrial Spraying

EXEL Industries SA offers industrial spraying solutions for various industries, including automotive, aerospace, and construction, to improve surface treatment and coating processes.

Consumer Goods

EXEL Industries SA provides spraying solutions for consumer goods, including personal care, household, and food products, to improve product performance and user experience.

8. EXEL Industries SA's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for EXEL Industries SA is moderate due to the presence of alternative products and services in the market.

Bargaining Power Of Customers

The bargaining power of customers is high due to the concentration of buyers in the market, giving them significant negotiating power.

Bargaining Power Of Suppliers

The bargaining power of suppliers is low due to the availability of multiple suppliers and the company's ability to switch between them.

Threat Of New Entrants

The threat of new entrants is moderate due to the presence of barriers to entry, such as high capital requirements and regulatory hurdles.

Intensity Of Rivalry

The intensity of rivalry is high due to the presence of several established players in the market, leading to intense competition.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 27.83%
Debt Cost 5.73%
Equity Weight 72.17%
Equity Cost 9.72%
WACC 8.61%
Leverage 38.56%

11. Quality Control: EXEL Industries SA passed 7 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

Stock-Card
Odfjell

A-Score: 6.8/10

Value: 8.5

Growth: 7.7

Quality: 6.2

Yield: 9.4

Momentum: 6.5

Volatility: 2.7

1-Year Total Return ->

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Stock-Card
Clarkson

A-Score: 6.2/10

Value: 5.2

Growth: 7.3

Quality: 8.2

Yield: 5.6

Momentum: 5.0

Volatility: 5.7

1-Year Total Return ->

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Stock-Card
Wacker Neuson

A-Score: 6.0/10

Value: 6.8

Growth: 4.8

Quality: 4.1

Yield: 6.9

Momentum: 8.5

Volatility: 4.7

1-Year Total Return ->

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Stock-Card
Belships

A-Score: 5.9/10

Value: 6.8

Growth: 6.0

Quality: 6.2

Yield: 7.5

Momentum: 6.0

Volatility: 3.0

1-Year Total Return ->

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Stock-Card
Exel

A-Score: 5.3/10

Value: 9.3

Growth: 4.8

Quality: 3.6

Yield: 5.0

Momentum: 1.5

Volatility: 7.3

1-Year Total Return ->

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Stock-Card
Rosenbauer

A-Score: 4.6/10

Value: 6.1

Growth: 5.1

Quality: 2.4

Yield: 1.2

Momentum: 8.5

Volatility: 4.3

1-Year Total Return ->

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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

39.3$

Current Price

39.3$

Potential

-0.00%

Expected Cash-Flows