olivLaw · European equity research
Eurocell plc ECEL.L
United Kingdom · London Stock Exchange · ISIN GB00BVV2KN49 · Vertical: Listed companies from United Kingdom
Eurocell plc is a UK manufacturer and distributor of PVC windows and building products, active in PVC recycling and, since the March 2025 acquisition of Alunet, in aluminium window systems. Revenue reached 403.5 million GBP in 2025, so its shift toward recycled content and thermal efficiency is central to growth.
At the close of 05 Nov 2026, Eurocell plc (ECEL.L) stock was 1.41 GBP (+0.00% on the day), with beta 0.20, 52-week range 1.02–1.49 GBP.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 52.2
- neutral
- Bollinger (20, 2)
- 1.36 – 1.46
- in the lower half of the band · %B 0.47 · band width 7.0%
- SMA 50 / 200
- 1.36 / 1.20
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.01 / 0.02
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −5.1% | −0.6% | −4.4 pp | — |
| 3 months | +16.0% | −4.2% | +20.2 pp | — |
| 6 months | +29.4% | +4.3% | +25.0 pp | — |
| Year to date | +8.0% | +7.5% | +0.5 pp | — |
| 1 year | +13.3% | +9.9% | +3.3 pp | +5.8% |
| 3 years | +25.3% | +49.8% | −24.5 pp | +26.3% |
| 5 years | unavailable | +42.8% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 364.5 m | 357.9 m | 403.5 m |
| Revenue YoY | unavailable | −1.8% | +12.7% |
| Net income | 9.6 m | 10.5 m | 9.6 m |
| Net income YoY | unavailable | +9.4% | −8.6% |
| Diluted EPS | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | 2.6% | 2.9% | 2.4% |
| Free cash flow | 43.8 m | 34.0 m | 36.1 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 6.3 m GBP
- Financial debt
- 27.7 m GBP
- Net debt
- 21.4 m GBP
- Equity
- 104.8 m GBP
- Total assets
- 287.8 m GBP
- Debt / equity
- 0.26x
- Current ratio
- 1.53x
- ROE
- 9.1%
- ROA
- 3.8%
- FCF margin
- 8.9%
Financial statements (source on every figure)
Revenue and net income (GBP)
Margins
Income statement · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 364.5 m | 357.9 m | 403.5 m | esef· 15 Apr 2026verified |
| Cost of revenue | 190.7 m | 169.6 m | 198.2 m | esef· 15 Apr 2026verified |
| Gross profit | 173.8 m | 188.3 m | 205.3 m | esef· 15 Apr 2026verified |
| Operating income | 14.9 m | 16.6 m | 17.3 m | esef· 15 Apr 2026verified |
| Interest expense | 3.2 m | 2.8 m | 5.1 m | esef· 15 Apr 2026verified |
| Pre-tax income | 11.7 m | 13.8 m | 12.2 m | esef· 15 Apr 2026verified |
| Income tax | 2.1 m | 3.3 m | 2.6 m | esef· 15 Apr 2026verified |
| Net income | 9.6 m | 10.5 m | 9.6 m | esef· 15 Apr 2026verified |
Balance sheet · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 400.0 k | 400.0 k | 6.3 m | esef· 15 Apr 2026verified |
| Receivables | 45.3 m | 45.8 m | 51.9 m | esef· 15 Apr 2026verified |
| Inventories | 46.7 m | 47.2 m | 53.6 m | esef· 15 Apr 2026verified |
| Current assets | 93.0 m | 94.4 m | 112.2 m | esef· 15 Apr 2026verified |
| Property, plant & equipment, net | 59.9 m | 60.5 m | 63.2 m | esef· 15 Apr 2026verified |
| Goodwill | — | 10.8 m | 36.1 m | esef· 15 Apr 2026verified |
| Intangibles (excl. goodwill) | — | 3.8 m | 4.7 m | esef· 15 Apr 2026verified |
| Total assets | 223.8 m | 223.8 m | 287.8 m | esef· 15 Apr 2026verified |
| Long-term debt | 0 | 500.0 k | 27.7 m | esef· 15 Apr 2026verified |
| Current liabilities | 54.7 m | 61.1 m | 73.2 m | esef· 15 Apr 2026verified |
| Total liabilities | 109.5 m | 118.4 m | 183.0 m | esef· 15 Apr 2026verified |
| Equity | 114.3 m | 105.4 m | 104.8 m | esef· 15 Apr 2026verified |
Cash flow · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 52.8 m | 44.2 m | 48.4 m | esef· 15 Apr 2026verified |
| Capex | 9.0 m | 10.2 m | 12.3 m | esef· 15 Apr 2026verified |
| Free cash flow | 43.8 m ≈ | 34.0 m ≈ | 36.1 m ≈ | esef· 15 Apr 2026derived |
| Investing cash flow | -8.3 m | -10.3 m | -33.1 m | esef· 15 Apr 2026verified |
| Financing cash flow | -49.2 m | -36.9 m | -6.4 m | esef· 15 Apr 2026verified |
| Dividends paid | 10.3 m | 6.1 m | 6.2 m | esef· 15 Apr 2026verified |
| Share repurchases | 700.0 k | 1.9 m | 1.0 m | esef· 15 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 37.5% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
Score by group
38% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 37.5% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 11.8% | 46 (vs peers) | 28% |
| Net margin · Quality | 2.4% | 26 (vs peers) | 17% |
| FCF conversion · Quality | 376.0% | 100 (on a fixed band) | 17% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 3.4x | 29 (on a fixed band) | 17% |
| Current ratio · Balance sheet | 1.5x | 61 (on a fixed band) | 11% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | 17.2% | 100 (on a fixed band) | 11% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet42/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality55/100 · 3/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
EUROCELL PLC (ECEL.L). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 403.5 m GBP in 2025; YoY growth 12.7%; net margin 2.4%; ROE 9.1%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (score weight coverage: 37.5% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 376.0%
- Payout ratio (FCF): 17.2%
What contradicts it
- Net margin: 2.4%
- Interest coverage: 3.4x
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions).
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 104.3 bn | 13.5 | 16.5% | 30.3% | −1.0% | +7% / +88% |
| ABF.LAssociated British Foods PLC | 14.7 bn | 14.3 | 9.2% | 5.3% | −3.1% | −5% / −15% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.7 | 34.7% | 4.1% | +7.2% | −10% / +158% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.4 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.2 bn | 16.3 | 23.2% | 2.8% | +15.2% | +20% / +160% |
| ABDN.LAberdeen Group PLC | 4.1 bn | 10.8 | 8.0% | 28.9% | −2.1% | +11% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.6 bn | 11.3 | 8.8% | 13.4% | −4.2% | −0% / −22% |
| BME.LB&M European Value Retail PLC | 2.9 bn | 17.4 | 21.2% | 2.8% | +3.7% | +68% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.8 | 49.9% | 33.1% | +18.0% | +8% / +128% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.9 | 13.1% | 71.6% | −0.1% | +28% / +18% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 763.6 m | 36.2 | 41.2% | 19.7% | +24.2% | +71% / unavailable |
| BAG.LA.G. Barr P.L.C. | 671.9 m | 14.4 | 14.4% | 10.8% | +4.0% | −7% / +26% |
| ASC.LAsos PLC | 494.5 m | — | -81.3% | -12.0% | −14.7% | +71% / +8% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| AML.LAston Martin Lagonda Global Holdings PLC | 344.3 m | — | -93.4% | -39.2% | −20.6% | −45% / −85% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| AMGO.LAmigo Holdings PLC | 9.9 m | — | — | — | −81.9% | +325% / +844% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −7% / +164% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +60% / +63% |
| AEP.LAnglo-Eastern Plantations PLC | — | — | 16.1% | 19.5% | +25.0% | +5% / +113% |
1- and 3-year price returns: for ECEL.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Eurocell plc is a UK manufacturer and distributor of PVC windows and building products, active in PVC recycling and, since the March 2025 acquisition of Alunet, in aluminium window systems. Revenue reached 403.5 million GBP in 2025 1, so its shift toward recycled content and thermal efficiency is central to growth.
SWOT
Strengths
- Leading UK position in PVC window recycling, with vertical integration between recycling and production.
- Range of high thermal performance products aligned with tightening energy standards.
- The Alunet acquisition extended the portfolio into aluminium systems with simplified design.
Weaknesses
- The 2025 recycling target was missed, and the recycled share fell compared with the prior year.
- The share of low-carbon products in revenue declined slightly from the prior year.
- Reliance on third-party waste providers and collectors limits control over material flows.
Opportunities
- Rising demand for energy-efficient products if Future Homes standards are adopted.
- Cost reduction by raising recycled content, if recycled material stays cheaper than virgin material.
- Expansion of Alunet systems into markets demanding high thermal performance.
Threats
- Carbon pricing costs could add pressure on margins.
- Large customers may lose interest in some product lines if they do not align with net zero requirements.
- Cyber risks are rising, and integrating Alunet adds complexity.
Risks
- Recycling targets missedhigh
The 2025 recycling target was not met, and achieving the 2030 targets depends on feedstock supply and plant capacity.
- Carbon costs in the supply chainhigh
Carbon taxes and mechanisms such as CBAM could raise raw material costs, particularly for aluminium.
- Energy regulationsmedium
Changes to housing standards may require investment in research and development and could disrupt production.
- Alunet integrationmedium
Integrating acquired IT systems, policies and processes could delay expected financial and operational benefits.
- Cyber riskslow
Information security threats are increasing, and the group identifies data security among its most material issues.
Investment thesis
What would need to be true (bull case)
- Integrated recycling could lower production costs if recycled material stays favourably priced against virgin raw material.
- Expanding Alunet could open new market segments for high-performance aluminium systems.
What would break the thesis
- Missing recycling targets could weaken the credibility of the net zero plan with customers and lenders.
- Carbon taxes and CBAM could compress margins, especially in aluminium.
- If Alunet integration takes longer than planned, the expected acquisition benefits could be delayed.
What to watch
- Review of the net zero transition plan and inclusion of Alunet2026
- Publication of the Future Homes Standard and effects on demand2026
- Recycled share of production against the 36% target for 20302026
- Timetable for recycling site consolidation2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The group extrudes and supplies PVC profiles and products for windows and doors and trades building materials across the UK 1. Eurocell presents itself as a leading UK recycler of PVC windows, and recycling is central both to its operations and its decarbonisation strategy. Since March 2025 it has integrated Alunet, which produces aluminium window systems, adding a new segment to the portfolio 1.
Low-carbon products made up 21% of 2025 revenue 1, and recycled PVC represented 30% of raw material consumption 1. Operating results show the group is still working toward its recycling targets, given challenges in securing recycled feedstock and processing capacity.
Segments
PVC extrusion and distribution
The traditional segment makes PVC profiles for windows and trades building materials in Great Britain. Thermally efficient products, with U-values as low as 0.8 W/m2K for some models, are the main point of differentiation 1.
PVC recycling
The recycling operation turns post-consumer and post-industrial waste into recycled material, part of which is used in the group's own production. Remaining by-products, mainly metal, are sold to metal recyclers 1.
Alunet (aluminium systems)
The Alunet acquisition brought the Aluna+ system, designed to exceed current building regulations. The company will review in 2026 how Alunet fits into its net zero transition plan 1.
Market context
Demand depends on new construction and replacement of old windows in the UK, where energy standards are being tightened. The Future Homes Standard, due for publication in 2026, could favour products with high thermal efficiency 1.
The market is also shaped by pressure from large customers such as housebuilders, who prefer suppliers with lower embodied emissions. If decarbonisation performance falls behind expectations, the group could lose market share 1.
Trends
- Tighter energy standardstailwind
New housing regulations could raise demand for high thermal efficiency windows, such as the Modus triple glazed model 1.
- Embodied carbon pressuretailwind
Customers increasingly ask for products with a low carbon footprint, which may favour suppliers with high recycled content 1.
- Carbon costs and CBAMheadwind
Carbon pricing mechanisms, including the EU CBAM and similar UK plans, could raise the cost of the aluminium used by Alunet 1.
- Availability of recycled materialmixed
Meeting recycling targets depends on sufficient supply of PVC waste at acceptable prices, which could limit growth 1.
Competitive position
Eurocell operates in a fragmented window sector, where competition comes from PVC profile makers and aluminium system suppliers. Its edge lies in integrated recycling capacity and a range of thermally efficient products.
Competition is mainly on cost, product availability and the ability to meet sustainability standards required by large customers. The available sources do not explicitly name US-listed competitors.
- UK PVC profile manufacturers
Private or local companies supplying profiles and windows in the UK market; the sources do not name them individually.
- Aluminium window system suppliers
Suppliers competing with the Alunet aluminium systems, particularly in thermally efficient window segments.
- PVC profile importers
Players bringing products from outside the UK, price-competitive in certain categories.
- Building materials distributors
Networks competing with the group's building materials trading division.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202515 Apr 2026
- Annual report 202423 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Eurocell plc · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.