Neodecortech (NDT) had an impressive 2018 in our view. Revenue rose by 6% and adjusted EBITDA by 25%. Margins rose across the divisions as new products were developed, the power plant operated fully and the 2017 cost increases were passed on. The macro economic climate remains uncertain but we expect Neodecortech’s move up the value chain and operational efficiencies to drive EBITDA higher in 2019 and 2020. NDT trades at a ca.40% EV/EBITDA discount to its nearest peers, a 10% narrowing since February.