Hardman & Co Research: Momentum sustained

1Q results from Neodecortech (NDT) confirmed that the positive momentum in the second half of last year continued into 2021. Revenue was up 19% overall and EBITDA came in at €5.1m, vs. a comparable €2.7m in 1Q'20. Last year caught only the very beginning of the pandemic. 2Q has continued in a similar vein, and margins are holding up, despite rises in key raw material prices. We are not changing our forecasts materially but we are more confident that they can be reached or beaten.

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