olivLaw · European equity research
Exel Composites Oyj EXEL.HE
Finland · Nasdaq Helsinki · Vertical: Listed companies from Finland
Exel Composites makes composite profiles and solutions from glass and carbon fibers, aimed mainly at wind energy, construction and transportation. The company reported revenue of EUR 50.152 million in 2025, and management expects significantly higher revenue in 2026 if order backlog conversion follows the planned schedule.
At the close of 05 Nov 2026, Exel Composites Oyj (EXEL.HE) stock was 15.95 EUR (−3.04% on the day), with market capitalisation 1.8 bn EUR, dividend yield 0.00%, beta 0.85, 52-week range 5.82–16.85 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 52.9
- neutral
- Bollinger (20, 2)
- 14.97 – 17.14
- in the lower half of the band · %B 0.45 · band width 13.5%
- SMA 50 / 200
- 15.02 / 10.99
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.13 / 0.24
- 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 | +2.2% | +0.4% | +1.9 pp | — |
| 3 months | +45.0% | −3.3% | +48.3 pp | — |
| 6 months | +57.0% | +4.0% | +53.0 pp | — |
| Year to date | +135.8% | +8.1% | +127.7 pp | — |
| 1 year | +183.6% | +10.7% | +172.9 pp | −2.6% |
| 3 years | +69.7% | +50.1% | +19.6 pp | +4.1% |
| 5 years | −39.4% | +43.6% | −83.0 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
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 | 96.8 m | 99.6 m | 103.2 m |
| Revenue YoY | unavailable | +2.9% | +3.6% |
| Net income | -9.1 m | -4.7 m | -5.5 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -0.77 | -0.07 | -0.05 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -9.4% | -4.7% | -5.3% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 11.9 m EUR
- Financial debt
- 5.3 m EUR
- Net debt
- -6.7 m EUR
- Equity
- 28.1 m EUR
- Total assets
- 89.2 m EUR
- Debt / equity
- 0.19x
- Current ratio
- 1.02x
- ROE
- -18.2%
- ROA
- -6.2%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 96.8 m | 99.6 m | 103.2 m | esef· 10 Mar 2026verified |
| Operating income | -4.9 m | -2.9 m | 2.2 m | esef· 10 Mar 2026verified |
| Depreciation & amortisation | 6.5 m | 5.9 m | 4.9 m | esef· 10 Mar 2026verified |
| EBITDA | 1.6 m ≈ | 3.1 m ≈ | 7.1 m ≈ | esef· 10 Mar 2026derived |
| Interest expense | 4.0 m | 3.5 m | 8.4 m | esef· 10 Mar 2026verified |
| Pre-tax income | -8.3 m | -3.8 m | -5.7 m | esef· 10 Mar 2026verified |
| Income tax | 1.1 m | 1.2 m | 336.0 k | esef· 10 Mar 2026verified |
| Net income | -9.1 m | -4.7 m | -5.5 m | esef· 10 Mar 2026verified |
| Diluted EPS | -0.77 | -0.07 | -0.05 | esef· 10 Mar 2026verified |
| Dividend per share | 0.20 | 0.00 | — | esef· 06 Mar 2025derived |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 11.0 m | 10.9 m | 11.9 m | esef· 10 Mar 2026verified |
| Receivables | 17.0 m | 19.2 m | 22.4 m | esef· 10 Mar 2026verified |
| Inventories | 16.9 m | 17.4 m | 18.0 m | esef· 10 Mar 2026verified |
| Current assets | 45.4 m | 48.1 m | 52.3 m | esef· 10 Mar 2026verified |
| Property, plant & equipment, net | 23.3 m | 21.6 m | 20.2 m | esef· 10 Mar 2026verified |
| Goodwill | 12.6 m | 12.5 m | 11.6 m | esef· 10 Mar 2026verified |
| Intangibles (excl. goodwill) | 1.7 m | 1.1 m | 783.0 k | esef· 10 Mar 2026verified |
| Total assets | 85.0 m | 89.0 m | 89.2 m | esef· 10 Mar 2026verified |
| Accounts payable | 21.8 m | 24.6 m | 24.9 m | esef· 10 Mar 2026verified |
| Long-term debt | 4.2 m | 4.9 m | 5.3 m | esef· 10 Mar 2026verified |
| Current liabilities | 61.3 m | 46.4 m | 51.5 m | esef· 10 Mar 2026verified |
| Equity | 17.7 m | 32.3 m | 28.1 m | esef· 10 Mar 2026verified |
| Shares outstanding at year end | 11.9 m | 66.6 m | 109.8 m | esef· 10 Mar 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 4.4 m | 581.0 k | -963.0 k | esef· 10 Mar 2026verified |
| Investing cash flow | -3.1 m | -2.6 m | -1.0 m | esef· 10 Mar 2026verified |
| Financing cash flow | -7.5 m | 1.7 m | 3.5 m | esef· 10 Mar 2026verified |
| Dividends paid | 2.4 m | 0 | — | esef· 06 Mar 2025verified |
| Share repurchases | 0 | 230.0 k | 233.0 k | esef· 10 Mar 2026verified |
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: 54.2% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 1.8 bn EUR
Key indicators
Coverage and freshness
Score by group
54% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 0.45 – 0.47 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDA0.45 – 0.47 (Mid 0.46)6 companies used · median multiple 6.1x · quartiles 6.1x – 6.3xANORA.HE, ETTE.HE, HARVIA.HE, HONBS.HE, ICP1V.HE, KAMUX.HE
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the base of the ratio is not positive
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 54.2% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 7.8% | 46 (vs peers) | 19% |
| Net margin · Quality | -5.3% | 13 (vs peers) | 12% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | -0.9x | 71 (vs peers) | 19% |
| Interest coverage · Balance sheet | 0.3x | 0 (on a fixed band) | 12% |
| Current ratio · Balance sheet | 1.0x | 18 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | 244.6x | 0 (vs peers) | 19% |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 12% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet39/100 · 3/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality33/100 · 2/3 factors with a value
- Returns· partial0/100 · 1/2 factors with a value
- Valuation· partial0/100 · 1/3 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
Exel Composites Oyj (EXEL.HE). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 103.2 m EUR in 2025; YoY growth 3.6%; net margin -5.3%; ROE -18.5%; net debt/EBITDA -0.9x.
The estimated value range is 0.45–0.47 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 0.46 EUR, the price of 15.95 EUR leaves a potential of -97.1% (value / price − 1) and a margin of safety of -3,377.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 54.2% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net debt / EBITDA: -0.9x
What contradicts it
- Net margin: -5.3%
- Interest coverage: 0.3x
- Current ratio: 1.0x
- EV/EBITDA: 244.6x
- Shareholder yield (distributions): 0.0%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, P/E (TTM), FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from Finland · 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 | |
|---|---|---|---|---|---|---|
| FORTUM.HEFortum Oyj | 20.8 bn | 27.2 | 8.7% | 15.3% | −14.0% | +32% / +81% |
| ELISA.HEElisa Oyj | 5.6 bn | 16.3 | 27.0% | 15.2% | +3.0% | −8% / −15% |
| KEMIRA.HEKemira Oyj | 2.5 bn | 13.6 | 10.5% | 6.6% | −6.6% | −17% / +4% |
| KALMAR.HEKalmar Oyj | 2.4 bn | 14.7 | 24.1% | 9.4% | +1.2% | +0% / unavailable |
| KCR.HEKonecranes Oyj | 2.2 bn | 5.6 | 20.3% | 9.5% | −0.9% | −4% / +134% |
| EXEL.HEExel Composites Oyj | 1.8 bn | — | -18.5% | -5.3% | +3.6% | +163% / +74% |
| BITTI.HEBittium Oyj | 1.2 bn | 55.8 | 17.5% | 17.9% | +40.1% | +73% / +603% |
| ALMA.HEAlma Media Oyj | 1.2 bn | 21.2 | 23.0% | 16.9% | +4.6% | +9% / +57% |
| FIA1S.HEFinnair Oyj | 927.4 m | 50.4 | 2.9% | 0.6% | +1.9% | +54% / +22% |
| GRK.HEGRK Infra Oyj | 788.5 m | 18.3 | 27.8% | 4.9% | +19.7% | +52% / unavailable |
| HARVIA.HEHarvia Oyj | 768.7 m | 29.3 | 21.0% | 13.3% | +13.5% | −1% / +64% |
| ATRAV.HEAtria Oyj | 451.7 m | 11.1 | 9.8% | 2.2% | +3.3% | +13% / +57% |
| ANORA.HEAnora Group Oyj | 317.6 m | 57.8 | 1.4% | 0.8% | −4.9% | +26% / +11% |
| CAPMAN.HECapMan Oyj | 300.2 m | 23.1 | 6.8% | 20.9% | +9.4% | −8% / −20% |
| ICP1V.HEIncap Oyj | 261.0 m | 18.7 | 10.4% | 6.5% | −6.7% | −3% / +37% |
| FSECURE.HEF-Secure Oyj | 243.7 m | 10.9 | 43.4% | 15.3% | −0.4% | −17% / −23% |
| ASPO.HEAspo Oyj | 219.4 m | 9.3 | 15.4% | 5.0% | +2.1% | +2% / +9% |
| ETTE.HEEtteplan Oyj | 173.7 m | 16.4 | 8.8% | 2.9% | +0.1% | −27% / −51% |
| DIGIA.HEDigia Oyj | 131.6 m | 10.5 | 14.5% | 5.9% | +5.5% | −16% / −12% |
| ILKKA.HEIlkka Oyj | 93.8 m | 8.1 | 6.2% | 30.8% | +22.6% | +0% / +21% |
| CONSTI.HEConsti Oyj | 77.4 m | 11.6 | 15.3% | 2.0% | +2.9% | −8% / −6% |
| APETIT.HEApetit Oyj | 75.6 m | 8.4 | 8.2% | 5.4% | +3.1% | −14% / −3% |
| ESENSE.HEEnersense International Oyj | 74.9 m | 74.7 | 3.1% | 0.4% | −27.7% | +12% / +9% |
| CTH1V.HEComponenta Oyj | 66.1 m | 324.0 | 0.8% | 0.2% | −4.6% | +49% / +182% |
| KAMUX.HEKamux Oyj | 47.4 m | 10.3 | 4.2% | 0.5% | +0.8% | −40% / −77% |
1- and 3-year price returns: for EXEL.HE 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
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
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
Exel Composites makes composite profiles and solutions from glass and carbon fibers, aimed mainly at wind energy, construction and transportation. The company reported revenue of EUR 50.152 million in 2025, and management expects significantly higher revenue in 2026 if order backlog conversion follows the planned schedule.
SWOT
Strengths
- Industrial presence on three continents with factories in Europe, Asia and North America.
- Continuous manufacturing technologies with high productivity for high-volume output.
- Engineering and post-processing services that increase value for the customer.
Weaknesses
- Dependence on a few customer industries could expose revenue to sector cycles.
- Sustainability data collection is still largely manual.
- A financing structure with significant bank debt limits flexibility for investment.
Opportunities
- Demand in energy and infrastructure linked to the green transition could support organic growth.
- Higher operational efficiency could improve margins if the strategy is delivered.
- Customer-specific products for specialty applications could broaden the portfolio.
Threats
- Price swings in petrochemical raw materials could affect margins.
- Delays in projects or customer schedules could shift revenue over time.
- Competition from composite producers in Asia could pressure prices.
Risks
- Goodwill recoverabilitymedium
The goodwill impairment test relies on assumptions about growth and margins, and changes in these could alter the results.
- Revenue recognitionmedium
The timing of revenue recognition at delivery or project completion is a significant risk of misstatement.
- Indebtednesshigh
Loans from financial institutions and mortgage collateral could limit financing capacity.
- Sustainability datalow
Manual collection and limited value chain data could reduce the accuracy of reporting.
- Reliance on large customersmedium
Loss of important customers or lower call-offs could quickly affect revenue.
Investment thesis
What would need to be true (bull case)
- The 2026 outlook anticipates significant growth in revenue and adjusted operating profit, supported by backlog conversion.
- If the strategic goal of exceeding EUR 200 million annual revenue is achieved, the company could enter a new growth phase.
- Its position in energy and infrastructure could benefit from the energy transition and demand for lightweight, durable solutions.
What would break the thesis
- No dividend is proposed for 2025, and bank debt remains a pressure on financial flexibility.
- If project schedules slip, the growth expected in the second half of the year could be delayed.
- Concentration in a few industries and exposure to petrochemical raw material prices could compress margins.
What to watch
- Delivery of the 2026 guidance for revenue and adjusted operating profit growth2026
- Development of adjusted operating margin and factory efficiencyQ1 2027
- Level of bank debt and available financingnext 10-K
- Progress of the goodwill impairment testnext 10-K
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
Exel Composites develops, designs and manufactures high quality composite solutions, mainly through continuous manufacturing technologies such as pultrusion and pullwinding 1. Its products, such as profiles, tubes and laminates, are usually components of the customer's end-product, made in high volumes 1. The company is headquartered in Mäntyharju, Finland, with production facilities in Austria, China, Finland, the USA and India and 667 employees at the end of 2025 1.
Customers include original equipment manufacturers, system integrators and distributors in more than 50 countries 1. The company also offers composites material engineering and post-processing services such as surface treatment, painting and pre-assembly of profiles 1. The 2024-2028 strategy targets profitable organic growth and better operational efficiency 1.
The dividend policy aims to distribute at least 40% of net income when financial structure and growth opportunities permit 1. For fiscal 2025 the Board proposes that no dividend be paid 1. The Belgian factory was closed by the end of the first quarter of 2025 1.
Segments
Engineered Solutions
The Engineered Solutions unit, which accounted for 81.3% of 2025 revenue, focuses on tailored solutions across several customer industries 1.
Industrial Solutions
The Industrial Solutions unit, with 18.7% of 2025 revenue, concentrates on selected applications with significant growth potential 1.
Market context
The company serves the main composite markets of Europe, Asia and North America, the latter being among its most significant 1. Energy, where Exel supplies wind turbine blade components, makes up 22.4% of revenue and transportation 19.0% 1.
Demand is supported by the energy transition and decarbonization, for example through wind power growth and more energy efficient buildings 1. Buildings and infrastructure account for 20.7% of revenue 1.
Trends
- Energy transitiontailwind
Growth in wind power and the electrification of transportation could increase demand for the company's composite components 1.
- Energy efficiency of buildingstailwind
Window and door profiles with improved insulation properties respond to the need for more energy efficient buildings 1.
- Timing of deliveriesmixed
Revenue and adjusted operating profit depend on the timing of order backlog conversion, driven by customer call-offs and project schedules 1.
- Raw material cost pressureheadwind
Raw materials such as glass and carbon fibers and resins derive from petrochemicals and minerals, which could affect margins 1.
Competitive position
The annual report materials provided do not explicitly name the company's competitors. The composites market for industrial applications includes producers of profiles and laminates for energy, construction and transportation, but their names do not appear in the sources received.
The company differentiates through continuous manufacturing, early-stage engineering services and the ability to offer both customer-specific solutions and high-volume products 1.
- Composite profile and laminate producers
Generic competitors in profiles and laminates; not named in the sources received.
- Wind blade and wind component manufacturers
Wind industry suppliers competing for composite component contracts.
- Composite solution providers for transportation
Firms supplying composite panels and components for vehicles and public transport.
- Construction composite material suppliers
Competitors in profiles for windows, doors and infrastructure structures.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202510 Mar 2026
- Annual report 202406 Mar 2025
- Annual report 202306 Mar 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Exel Composites Oyj · 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.