Nabaltec

DB: NTG

€296.6m market cap

€33.7 last close

Nabaltec develops, manufactures and distributes environmentally friendly, specialised products based primarily on aluminium hydroxide and aluminium oxide. It is one of the world’s leading suppliers of functional fillers for flame retardants, ceramic raw material and ceramic bodies.

Investment summary

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.

Sector
Industrials
Share price graph
Price performance
%
1m
3m
12m
Actual (4.8) 2.4 60.5
Relative* (5.8) 1.8 63.3
52-week high/low €36.6/€21.1
*% relative to local index