Here is Aapeli’s fresh take on Exel in the form of a company report, based on this nice delivery agreement. 
Exel Composites announced on Thursday that its Indian joint venture has signed a potentially significant multi-year delivery agreement with a customer in the wind power sector. Driven by the contract, we have raised our already high growth forecasts for the coming years, although some uncertainty still surrounds the final delivery volumes. The agreement brings tangibility to growth expectations, and we still see the share’s risk-adjusted return expectation as sufficiently attractive. Reflecting this, we reiterate our accumulate rating and raise our target price to EUR 17.5 (previously EUR 15.0).