Thrace Plastic company feature image

Thrace Plastics


€105m market cap

€2.4 last close

Thrace Plastics is an established international producer of Technical Fabrics (73% of FY18 gross revenues) and Packaging (23%). Each division uses a number of manufacturing processes and produces a wide range of products from polymer materials, serving a diverse range of end-markets.

Investment summary

Thrace is an international producer of technical fabrics and packaging that is moving into a 7.9% EPS CAGR phase to FY21 following recent capex programmes. It is well positioned to meet the needs of established markets and sectors in western Europe and the US, as well as faster growing eastern/southern European markets. FY18 end-product polymer tonnage sold was c 120,000 and we see this growing to >140,000 tonnes over the next three years. Evidence of rising profitability, improving returns and cash generation/net debt reduction from the enhanced capital base would all represent positive markers after a dip in group profitability over the last two years. Q1 results (20 June) contained a 6.4% y-o-y revenue uplift with both divisions ahead and broadly similar gross profit and EBIT.

Y/E Dec
Revenue (€m)
PBT (€m)
EPS (c)
P/E (x)
P/CF (x)
2017A 318.5 30.1 13.8 24.1 10.0 3.7
2018A 322.7 29.0 11.5 21.0 11.4 4.5
2019E 335.4 32.4 13.3 21.4 11.2 3.7
2020E 346.0 33.4 14.4 23.7 10.1 3.5
Industry outlook

Thrace manufactures a wide range of products that are used in a variety of sectors, ranging from construction/infrastructure to horticulture and food packaging primarily in Europe and the US. Management’s high-level financial objective is to ‘pursue profitable growth using two primary levers: increased capacity (investment to achieve organic, geographic expansion) and value capture (driving EBITDA margin improvements through internal and external actions).

Last updated on 25/07/2019
Share price graph
Balance sheet
Forecast net debt (€m) 74
Forecast gearing ratio (%) 50
Price performance
Actual 17.7 18.2 3.9
Relative* 14.3 4.5 (10.9)
52-week high/low €2.5/€1.8
*% relative to local index
Key management
Konstantinos Chalioris Chairman & CEO
Dimitris Malamos CFO
George Braimis COO