Anpario’s full year results are in line with expectations, following a strong and improved H2. The group is still in a transition phase, building strong commercial relationships with end users and appointing regional teams, and we believe the group will continue to grow as a result. Anpario currently trades on a 2017 EV/EBITDA of 11.7x, going to 10.8x in 2018. We feel this is an undeserved discount to its peer group (c.17.8x 2017 EV/EBITDA). We remain at Buy.
