SinnerSchrader’s commitment to improving efficiency was clearly evident in its recent results, which saw operating margins expand to 18% on an underlying basis in Q4 from 6.3% last year. Trading is robust, and without the investment required in the Next Audience (NA) platform, a dividend is likely, as well as a €0.5m share buyback programme. The shares offer compelling value on an annualised FY16 P/E of 12.1x, a c 35% discount to peers.
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Margins leap in Q4, robust trading outlook
- Published:
21 Oct 2015 - Author:
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SinnerSchrader’s commitment to improving efficiency was clearly evident in its recent results, which saw operating margins expand to 18% on an underlying basis in Q4 from 6.3% last year. Trading is robust, and without the investment required in the Next Audience (NA) platform, a dividend is likely, as well as a €0.5m share buyback programme. The shares offer compelling value on an annualised FY16 P/E of 12.1x, a c 35% discount to peers.