Rankings Construction & materials Exel Composites

Exel Composites

Construction & materials · FinlandRank 349 of 829Prices 3 Nov 2026Model 1.4

15070100

A good business with a real question mark: the price, a crack, or both.

Biggest deductions

Margin−7
Multiples vs own history−7
Capital allocation−5

Strengths

Large multi-year agreement+3

How the score is built

From 100 to 65, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.

100Start

65Score

Hover or select a step to see what drove it. Steps with findings open them below.

Key numbers

As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.

Price: 15.10 EUR
Median analyst target: –
Upside to median: –
Analysts: none
Target range: –
52-week change: +185%
P/E (trailing): 51.8
Forward P/E: 17.3
PEG: n/a

Findings

Every deduction and every plus, with its source. Open a step to read them.

Business

Is the company getting stronger, not just bigger? · 4 findings−18 of −30

Margin
Operating margin 3.4% and net margin 1.7% (TTM) after losses in 2023–2025 (operating margin −6.8%, −1.9% and +1.1%). Even the adjusted operating margin in H1 2026 was only 6.2% despite a gross margin of about 61%.
stockanalysis.com
−7
ROIC
ROIC of 3.9% (TTM) against a WACC of about 6.6%; ROIC was -11.8% in 2023, -3.6% in 2024 and 2.3% in 2025. Capital still earns less than its cost.
stockanalysis.com
−3
Capital allocation
Shareholders have been massively diluted: share count rose 437% in 2024 and 66% in 2025 through issues, the dividend (3 EUR per share adjusted in 2021-2022) is gone, and the shares were consolidated 15:1 in March 2026.
inderes.fi
−5
Quality of growth
Revenue rose 29% in H1 2026, but order intake only 2.9% (EUR 64.8m = book-to-bill about 1.0), and management itself says the strong half-year was due to pulled-forward customer call-offs in energy (wind) and defence.
inderes.fi
−3

Price

Today's multiples against the company's own history and its peers. · 2 findings−10 of −35

Multiples vs own history
P/E 57 (TTM) and forward P/E 18.6 versus 9.4-16 in the profitable years 2021-2022; EV/EBITDA 16.4 versus 12.1-13.6; P/S 0.99 versus 0.30-0.72 and P/B 3.9 versus 0.9-3.1. The share price is up 195% in a year.
stockanalysis.com
−7
FCF yield
FCF yield only 2.5% (P/FCF 40, EV/FCF 48) after negative FCF in 2024 and 2025; capex rose to EUR 6.2m TTM.
stockanalysis.com
−3

Cracks

Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 3 findings−10 of −35

Debt and liquidity
Net debt of EUR 21.9m = about 3x EBITDA, debt/EBITDA 4.1, quick ratio 0.59, current ratio 0.98 and Altman Z-score 1.68 (risk zone).
stockanalysis.com
−5
Dependence on wind and few customers
Growth is carried by the energy segment (revenue almost doubled in H1) and large wind customers such as Suzlon via the 55%-owned KECI; the wind industry is known for sudden stops in call-offs and price pressure.
exelcomposites.com
−3
Low conversion to net income
Effective tax rate of 50% (TTM) and financial costs mean that the operating result of EUR 4.1m becomes only 2.1m in net income.
stockanalysis.com
−2

Plus

Only documented strengths. · 1 finding+3 of +15

Large multi-year agreement
KECI has entered a multi-year agreement with Suzlon Energy for pultruded carbon-fibre plates for wind turbine blades with an expected value of over 100m EUR through March 2029 (24 Sep 2026).
inderes.fi
+3

Caveats

What the score does not capture, or where the data is weak.

The stockanalysis path quote/hel/EXL1V redirects to quote/hel/EXEL. The shares were consolidated 15:1 on 30 Mar 2026, so historical share counts and EPS before 2026 are adjusted; the dilution from the 2024 (+437%) and 2025 (+66%) issues appears in stockanalysis's 'buyback yield/dilution'. No analyst coverage on stockanalysis (forecast 404); Inderes covers with 'Accumulate' (9 Oct 2026), and the target price of about EUR 18 comes from a forum post and is not verified. KECI (India) is 55% owned by Exel and 45% by Kineco, so part of the value of the Suzlon agreement accrues to the minority. Industry: composite profiles for wind, defence, construction and industry do not fit precisely; 'Construction & materials' is the closest. The ownership list was not found.