H115 results moved ahead y-o-y with little help from Tyman’s underlying markets. Conditions look to be improving generally going into the seasonally important H2 trading period, though we have modestly reduced our estimates based on H1 performance and updated FX assumptions. A broad change programme is underway, providing an enhanced business platform for further expansion. Some growth is priced into Tyman’s current rating but the company is being positioned for more, in our view.
06 Aug 2015
Progress in variable markets
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Progress in variable markets
H115 results moved ahead y-o-y with little help from Tyman’s underlying markets. Conditions look to be improving generally going into the seasonally important H2 trading period, though we have modestly reduced our estimates based on H1 performance and updated FX assumptions. A broad change programme is underway, providing an enhanced business platform for further expansion. Some growth is priced into Tyman’s current rating but the company is being positioned for more, in our view.