olivLaw · European equity research
EXEL Industries EXE.PA
France · Euronext Paris · ISIN FR0004527638 · Vertical: Listed companies from France
EXEL Industries designs and manufactures spraying and sugar beet harvesting equipment, as well as garden products, boats and industrial spraying solutions. In fiscal 2024-2025 revenue fell to 983 M EUR, amid weaker farm demand, and the recurring EBITDA margin dropped to 6.9 %.
At the close of 05 Nov 2026, EXEL Industries (EXE.PA) stock was 17.50 EUR (+1.74% on the day), with market capitalisation 118.4 m EUR, P/E 7.3 on diluted EPS of 2.40 EUR over the last 12 months, dividend yield 6.60%, beta -0.01, 52-week range 16.45–40.50 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)
- 51.6
- neutral
- Bollinger (20, 2)
- 16.54 – 17.56
- in the upper half of the band · %B 0.94 · band width 6.0%
- SMA 50 / 200
- 18.15 / 26.48
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.19 / -0.33
- MACD above 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 | +2.0% | −0.6% | +2.7 pp | — |
| 3 months | −13.4% | −4.2% | −9.2 pp | — |
| 6 months | −43.2% | +4.3% | −47.5 pp | — |
| Year to date | −55.8% | +7.5% | −63.3 pp | — |
| 1 year | −50.4% | +9.9% | −60.3 pp | −6.8% |
| 3 years | −59.7% | +49.8% | −109.5 pp | −15.9% |
| 5 years | −77.6% | +42.8% | −120.4 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.
Today's P/E sits at the 0 percentile of its own 3-quarter history (min 7.3, median 10.8, max 14.9; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 1.1 bn | 1.1 bn | 983.0 m |
| Revenue YoY | unavailable | +0.5% | −10.6% |
| Net income | 42.5 m | 31.2 m | 16.2 m |
| Net income YoY | unavailable | −26.7% | −47.9% |
| Diluted EPS | 6.30 | 4.60 | 2.40 |
| Diluted EPS YoY | unavailable | −27.0% | −47.8% |
| net % | 3.9% | 2.8% | 1.7% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 30 Sept 2025
- Cash
- 41.8 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 467.3 m EUR
- Total assets
- 840.4 m EUR
- Debt / equity
- unavailable
- Current ratio
- 1.84x
- ROE
- 3.5%
- ROA
- 1.9%
- 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 | 1.1 bn | 1.1 bn | 983.0 m | esef· 14 Jan 2026verified |
| Operating income | 70.7 m | 55.1 m | 37.2 m | esef· 14 Jan 2026verified |
| Depreciation & amortisation | 27.6 m | 30.0 m | 31.2 m | esef· 14 Jan 2026verified |
| EBITDA | 98.2 m ≈ | 85.1 m ≈ | 68.4 m ≈ | esef· 14 Jan 2026derived |
| Pre-tax income | 60.6 m | 43.0 m | 21.8 m | esef· 14 Jan 2026verified |
| Income tax | 19.0 m | 12.6 m | 5.9 m | esef· 14 Jan 2026verified |
| Net income | 42.5 m | 31.2 m | 16.2 m | esef· 14 Jan 2026verified |
| Diluted EPS | 6.30 | 4.60 | 2.40 | esef· 14 Jan 2026verified |
| Dividend per share | 1.06 | 1.57 | 1.15 | esef· 14 Jan 2026derived |
≈ 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 | 64.9 m | 50.2 m | 41.8 m | esef· 14 Jan 2026verified |
| Inventories | 298.8 m | 296.0 m | 271.2 m | esef· 14 Jan 2026verified |
| Current assets | 580.5 m | 555.2 m | 513.4 m | esef· 14 Jan 2026verified |
| Property, plant & equipment, net | 160.2 m | 172.4 m | 176.5 m | esef· 14 Jan 2026verified |
| Goodwill | 71.7 m | 72.4 m | 71.5 m | esef· 14 Jan 2026verified |
| Intangibles (excl. goodwill) | 23.6 m | 19.8 m | 15.4 m | esef· 14 Jan 2026verified |
| Total assets | 889.0 m | 887.3 m | 840.4 m | esef· 14 Jan 2026verified |
| Current liabilities | 334.2 m | 316.6 m | 279.3 m | esef· 14 Jan 2026verified |
| Total liabilities | 889.0 m | 887.3 m | — | esef· 14 Jan 2025verified |
| Equity | 444.1 m | 464.4 m | 467.3 m | esef· 14 Jan 2026verified |
| Shares outstanding at year end | 6.7 m | 6.8 m | 6.8 m | esef· 14 Jan 2026derived |
Cash flow · EUR
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
- indicators available: 4 of at least 6
- score weight coverage: 27.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 118.4 m EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
27% · 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: 15.70 – 71.52 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/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E26.62 – 71.52 (Mid 41.11)20 companies used · median multiple 17.1x · quartiles 11.1x – 29.8x74SW.PA, ABEO.PA, AC.PA, ADP.PA, AF.PA, AI.PA, ALBON.PA, ALCIS.PA, ALCLA.PA, ALFER.PA, ALHEX.PA, ALO.PA, ALPWG.PA, ALSOG.PA, ANTIN.PA, ARAMI.PA, ATE.PA, AUB.PA, AURE.PA, BB.PA
- Dividend discount (DDM)15.70 – 21.41 (Mid 18.12)
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: indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 1.7% | 56 (vs peers) | 23% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.8x | 87 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | 7.3x | 83 (vs peers) | 38% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 6.6% | 94 (on a fixed band) | 23% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial87/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial56/100 · 1/3 factors with a value
- Returns· partial94/100 · 1/2 factors with a value
- Valuation· partial83/100 · 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 INDUSTRIES (EXE.PA). Latest full fiscal year: 2025; data up to 2025-09-30.
Figures computed from the financial statements: revenue 983.0 m EUR in 2025; YoY growth -10.6%; net margin 1.7%; ROE 3.5%.
The estimated value range is 21.16–46.47 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 29.61 EUR, the price of 17.50 EUR leaves a potential of 69.2% (value / price − 1) and a margin of safety of 40.9% (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 (indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 1.8x
- P/E (TTM): 7.3x
- Shareholder yield (distributions): 6.6%
- The price is below the estimated value range
What contradicts it
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from France · 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 | |
|---|---|---|---|---|---|---|
| AI.PAL'air Liquide Societe Anonyme Pour L'etude Et L'exploitation Des Procedes Georges Claude | 109.3 bn | 33.2 | 12.9% | 12.2% | −2.0% | +26% / +32% |
| AC.PAAccor | 13.8 bn | 30.7 | 9.6% | 8.0% | +0.6% | +6% / +56% |
| ADP.PAAeroports De Paris | 11.7 bn | 34.1 | 7.8% | 5.6% | +12.1% | −7% / +4% |
| AKE.PAArkema | 7.1 bn | 115.4 | 0.9% | 0.7% | −5.0% | +12% / −37% |
| ALO.PAAlstom | 5.8 bn | 18.3 | 3.1% | 1.7% | +3.7% | −51% / −4% |
| AF.PAAir France - Klm | 4.3 bn | 13.6 | — | 1.0% | +4.8% | +20% / +9% |
| ATE.PAAlten | 3.1 bn | 29.5 | 4.8% | 2.6% | −1.1% | +33% / −29% |
| BB.PASociete Bic | 2.7 bn | 31.3 | 5.0% | 4.1% | −4.8% | +32% / +5% |
| ANTIN.PAAntin Infrastructure Partners | 1.4 bn | 13.0 | 21.9% | 36.6% | −8.1% | −24% / −35% |
| 74SW.PA74software | 792.7 m | 20.9 | 8.9% | 8.5% | +44.8% | −13% / +41% |
| AUB.PAAubay | 667.4 m | 17.8 | 13.6% | 6.3% | +11.3% | +3% / +45% |
| ASY.PAAssystem | 507.1 m | 69.9 | 2.5% | 1.1% | +7.4% | −19% / −18% |
| ATO.PAAtos Se | 483.0 m | — | -23,400.0% | -17.5% | −16.5% | −45% / −94% |
| ARAMI.PAAramis Group | 298.8 m | 15.0 | 10.0% | 0.8% | +6.3% | −33% / −16% |
| ARVEN.PAArverne Group | 246.1 m | — | -14.0% | -115.3% | +27.0% | +20% / −35% |
| BGO.PACompagnie Chargeurs Invest | 189.4 m | — | -8.6% | -5.7% | −2.9% | unavailable / unavailable |
| ALCIS.PACatering International & Services | 145.0 m | 28.4 | 9.3% | 1.9% | +5.8% | +39% / +107% |
| ALCGM.PACegedim | 144.6 m | — | -2.6% | -1.2% | +10.9% | −26% / −49% |
| ATEME.PAAteme | 144.0 m | 151.3 | 2.8% | 1.0% | +2.2% | +82% / +77% |
| ALHEX.PAHexaom | 144.0 m | 6.7 | 9.9% | 2.2% | +13.1% | −32% / +7% |
| EXE.PAExel Industries | 118.4 m | 7.3 | 3.5% | 1.7% | −10.6% | −53% / −63% |
| ALBON.PACompagnie Lebon | 111.7 m | 16.5 | 4.2% | 8.8% | −17.9% | +6% / +8% |
| ALHYF.PALhyfe | 75.8 m | — | -33.4% | -570.5% | +287.2% | unavailable / unavailable |
| ALFER.PASergeferrari Group | 61.5 m | 11.5 | 5.1% | 1.5% | +7.4% | −33% / −27% |
| ABEO.PAAbeo | 60.8 m | 7.3 | 6.9% | 3.0% | +12.6% | −13% / −54% |
1- and 3-year price returns: for EXE.PA 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 | 9.36 Total return -42% · Per year -42% | 16.63 Total return 1% · Per year 1% | 25.16 Total return 51% · Per year 51% |
| 3 years | 7.43 Total return -45% · Per year -18% | 15.00 Total return 4% · Per year 1% | 25.16 Total return 67% · Per year 19% |
| 5 years | 5.90 Total return -47% · Per year -12% | 13.54 Total return 6% · Per year 1% | 25.16 Total return 82% · Per year 13% |
- Exit P/E± 3.75
- Net margin± 2.63
- Annual revenue growth± 2.37
- Annual dilution± 0.22
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 Industries designs and manufactures spraying and sugar beet harvesting equipment, as well as garden products, boats and industrial spraying solutions. In fiscal 2024-2025 revenue fell to 983 M EUR 1, amid weaker farm demand, and the recurring EBITDA margin dropped to 6.9 % 1.
SWOT
Strengths
- A broad portfolio of trademarks, designs and patents supports the position in niche markets 1.
- Diversification across several activities, so growth in garden and industry partly offsets weakness in agriculture 1.
- Well-structured distribution networks and established relations with large industrial customers 1.
Weaknesses
Opportunities
Risks
- Agricultural dependencehigh
The weight of agriculture in revenue makes the group sensitive to farmers' investment cycles 1.
- Margin compressionhigh
The decline in EBITDA shows that lower volumes were not fully offset by cost savings 1.
- Currency exposuremedium
Unfavourable currency effects offset part of the benefit from lower borrowing costs 1.
- Trade policymedium
Tariff uncertainty in the United States may delay investment decisions by customers 1.
- Raw material costslow
Higher input costs could reduce profitability in activities with large volumes 1.
Investment thesis
What would need to be true (bull case)
What would break the thesis
What to watch
- Trend in new agricultural machinery orders in Europe and North AmericaQ1 2026
- Recurring EBITDA margin and the effect of cost-reduction measuresnext annual report
- Evolution of net debt and cash generation after working capital reduction2026
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 grew out of agricultural equipment and is organised in four activities: agricultural spraying, sugar beet harvesting, leisure (garden and nautical) and industry (industrial spraying). Products are sold through networks of approved resellers, distributors and integrators, as well as directly to large industrial accounts 1. Production is organised in autonomous cells with pull flow across sites in Europe, North America, Asia and Australia 1.
Fiscal 2024-2025 was marked by lower volumes in agriculture and a reduction in recurring EBITDA, while garden and nautical activities grew. The group reduced net debt and continued investing in industrial sites, including new buildings at Stains 1. Innovation is central, with patent families, trademarks and designs protected and R&D spending around 4.5 % of revenue 1.
The group structure relies on a holding company that coordinates intellectual property and product development, while subsidiaries define their technology strategies according to their own markets 1. This organisation allows common valorisation of intangible assets.
Segments
Market context
The agricultural market entered a period of caution after two years of high activity, with farmers and distributors attentive to costs and to uncertainty over US trade policy 1. Industry, by contrast, is investing in new plants in emerging economies and seeking solutions to raise productivity, which supports demand for precision spraying 1.
Trends
- Farmer cautionheadwind
A drop in farm machinery orders after two years of growth could prolong pressure on volumes if the wait-and-see attitude persists 1.
- Precision sprayingtailwind
Precision technologies, such as plant detection sensors, can reduce crop protection product use and support demand for advanced equipment 1.
- Industrial demand in emerging economiestailwind
Industrial investment in regions with fast demand growth could support industrial spraying sales if Western Europe recovers 1.
- Costs and trade policymixed
Rising input costs and tariff uncertainty may limit investment by agricultural customers and by trade-sensitive regions 1.
Competitive position
The group operates in specialised niches where competition comes from global agricultural and industrial equipment makers as well as regional players. The source does not explicitly name competitors, so the analysis is limited to the market context described in the registration document 1.
- Global agricultural equipment makers
Competitors in spraying and harvesting; the source does not name them and their presence in the group's markets is not detailed 1.
- Industrial spraying specialists
Competitors in electrostatic and paint application, where the group holds a consolidated position through its specialist subsidiary 1.
- Garden product manufacturers
Competitors in irrigation and garden equipment, a segment where the group recorded growth in the fiscal year analysed 1.
- Luxury boat builders
Competitors in high-end leisure boats, where design and technical details are the main differentiators 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202514 Jan 2026
- Annual report 202414 Jan 2025
Sources
- [1] Annual report, fiscal year ended 2025-09-30 (ESEF) · SEC / EXEL Industries · 30 Sept 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.