2025-05-19-Jefferies-杰尔德-温公司（JELD）_2025年第一季度回顾在转型中前行_但面临财务压力_12页_208kb

JELD-WEN Equity Research Summary

JELD-WEN is one of the world’s largest manufacturers of doors and windows, operating in new construction and repair/remodeling markets. The report analyzes its financial performance for 1Q25, highlighting financial stress due to high leverage and negative free cash flow.

Key risks include demand pressures from soft construction and residential repair markets, with no sharp recovery expected in 2026. The company is implementing cost-cutting measures, such as facility shutdowns and headcount reduction, aiming for $150 million in transformation savings. However, its financial health remains fragile, with projected net debt/EBITDA at 8.7x and negative FCF in 2025.

Valuation is based on an EV/EBITDA multiple of 11.1x for 2025E, with a HOLD rating and price target of $3.75, reflecting concerns about profitability and margin expansion.

• Company Overview: Global leader in door and window manufacturing, primarily in NA and Europe.
• Financial Status: High leverage (8.7x), negative FCF (-$198M 2025E), weak demand in new construction and residential markets.
• Risks: Execution challenges, market deceleration, inflation, and uncertain economic conditions.
• Valuation: HOLD rating, $3.75 price target, based on EV/EBITDA 11.1x 2025E.