Standard Profil - comment

Standard Profil reported their Q1 numbers but they are largely impacted by the previously reported additional €15m of additional compensation received in Q1 from its main customers for inflationary pressures in raw materials and energy.

Separately, the Company strike a positive tone for FY23, with headwinds easing in the shape of diminishing supply chain issues and falling material prices and the outlook is improving. The pro-forma EBITDA for FY23 (excluding the €15m in FY23 accounts that are compensation for H2 22 sales) is in the range €75-80m, versus €63m for FY22 (€48m reported plus €15m cost compensation). The only slight negative is the decline in new business awards, albeit Standard Profil had strongly performed in prior quarters.

The quarterly call is due to be held on Wednesday 7th at 1 pm. We will update our model post the call.