Plastic Pallet Powerhouse
Cabka has unique technology to reuse waste plastic for the production of plastic pallets and large containers. It has a strong position in plastic pallets in Europe, and a meaningful presence in North America. Based on its experience in plastic pallets it is now also building up a position in large containers. Furthermore, the company manufactures eco products for construction and road safety, which are entirely made out of recycled plastic.

Germany, Austria & Switzerland is its largest region (32% of 2021 sales), followed by the United States (16%) and the Netherlands (10%). The remainder of the sales in generated in the rest of Europe (40%) and the rest of the world (2%).

Competitive description

Cabka has a strong position in the plastic pallet market. In Europe it is the market leader, ahead of Schoeller Allibert, Utz and Craemer. In the US it is the number 4 player. Orbis is the market leaders, while Shuert, Rehrig Pacific and Greystone are also important players. In the plastic large container market, it has a decent #7 position in Europe, but it is still building up a significant position in North America. What distinguishes Cabka from its competitors is its high use of recycled raw materials including a lower grades of plastic waste.

Analyst

Luuk van Beek

Luuk van Beek

Senior Equity Analyst
+31 20 573 54 71E-mail

Historical price range

DateShare priceTarget Valuation Range (Low)Target Valuation Range (High)
23-Aug-2022€ 7.50€ 9.00€ 12.00
17-Aug-2022€ 6.98€ 11.00€ 15.50
9-Mar-2022€ 6.96€ 11.00€ 15.50
Last update: 23.08.2022

Key figures and estimates

mln euros20212022e2023e2024e
Sales170.6208.5233.4252.6
EBITDA26.325.036.041.7
EBIT9.66.115.119.7
Net Profit4.65.510.013.3
Adjusted Net Profit4.38.09.913.1
Adjusted EPS0.180.330.400.54
Dividend p.s.-0.150.130.18
Net Debt incl. lease54.039.444.045.1
Last update: 23.08.2022

Latest reports

Reinforcing its positions despite short term volatility
23.08.2022 | 14 pages
H1 affected by delay in passing on cost increases
17.08.2022 | 8 pages
Plastic Pallet Powerhouse
09.03.2022 | 26 pages
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