Investor Presentaiton
October 12, 2021
MDF WOOD BOARDS (P$6.1 PER SHARE)
Tecnotabla: A vertically integrated player. Under the Tecnotabla brand, Proteak has
positioned itself as the second-largest player in Mexico's MDF market (23% share in FY19)
after just starting operations in April 2016. Its relatively fast success can be attributed to
several factors.
Proteak's Annual MDF Production
-Thousand m³
250
Differentiators:
FINSA's expertise: Wood board company based in Spain, founded in 1931.
It started manufacturing MDF boards in 1980. Today, it owns 12 mills and
sells its products in 83 countries-its FY20 sales reached €832 million.
FINSA has been Proteak's shareholder since 2015 and its vast knowledge
in MDF production has been key to Proteak's quick market share growth.
凹
Vertical integration: Proteak is the only player that has control over its
entire supply chain. Its mill is sourced with eucalyptus that is mostly
grown on 6,400 ha. owned by the company.
x0
x
GBM
204
206
176
198
200
19
8
14
76
24
18
25
9
33
150
121
100
171
159
157
147
121
50
0
2017
MX Natural
2018
2019
Value-Added
Value-added products: Proteak has gained share in the "value-added"
segment, in which a paper overlay is thermally fused into the board,
earning a premium over the "natural-looking" ones. This has allowed for
increases in consolidated prices even in times of tough competition in the
natural board market.
Source: Corporate presentations. No breakdwon disclosed for 1H21
MDF Revenues
-MXN million
1,200
800
2017-'19 CAGR: 16.7%
Differentiation strategies (brand awareness): Tecnotabla creates
content and brand awareness campaigns to position itself among all kinds
of clients-carpenters, interior designers, architects, etc. For instance, it
has signed collaboration agreements with a couple of furniture stores.
2020
1H21
US Exports
Total
18%
12%
1,139
1,131
1,036
400
836
851
6%
0
2017
2018
2019
2020
0%
1H21
TEAK: AFTER ALL, MONEY DOES GROW ON TREES. | 20View entire presentation