We maintain our headline profit estimates for 2016 - 18 after the brick and building products group unveiled its maiden interim results. We have cut our debt forecasts after better cash flow than the company had anticipated. We believe our target price of 183p looks increasingly conservative, given the strength of cash flow. Despite having risen 50% since its post-Brexit low point, we believe this conservative and cash-focused group represents attractive value at a 2017 yield of 5.8%, P/E of
07 Sep 2016
Solid maiden innings
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Solid maiden innings
Forterra Plc (FORT:LON) | 162 7.4 2.9% | Mkt Cap: 343.7m
- Published:
07 Sep 2016 -
Author:
Alastair Stewart -
Pages:
3
We maintain our headline profit estimates for 2016 - 18 after the brick and building products group unveiled its maiden interim results. We have cut our debt forecasts after better cash flow than the company had anticipated. We believe our target price of 183p looks increasingly conservative, given the strength of cash flow. Despite having risen 50% since its post-Brexit low point, we believe this conservative and cash-focused group represents attractive value at a 2017 yield of 5.8%, P/E of