Nabaltec - High-tech white powders

Nabaltec is a leading global producer of functional fillers and specialty alumina, serving a wide range of growing end-uses including halogen-free flame retardants and electric vehicle (EV) battery separators. The company’s strong product focus, technical product support and customer relationships are key differentiators. It has a healthy balance sheet and is able to exploit potential growth in the high-growth boehmite and data centre markets. Nabaltec trades at a 47% discount to peers on FY24e EV/EBITDA and a 32% discount on FY24e P/E. We initiate our coverage with a valuation of €29.9 per share, 93% above the current share price.