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28 Nov 2022
Cenkos: Brickability Group Plc - Underlying trading remains strong
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Cenkos: Brickability Group Plc - Underlying trading remains strong
Brickability Group PLC (BRCK:LON) | 67.0 0.3 0.8% | Mkt Cap: 214.1m
- Published:
28 Nov 2022 -
Author:
Andrew Gibb -
Pages:
9
Positive interims, with LFL revenue growth of 9.3%, adjusted EBITDA growth of 45.7%, a 5% increase in the dividend and an in-line outlook statement. There is clearly added uncertainty going into 2023, the diversity of both its product base and customers means it remains in a good position. The share price has behaved more like a housebuilder and in our view, this fails to reflect the diversity of its model and the fact that the group's earnings continue to rise. On revised forecasts the shares trade on a FY23E PE of just 7x and EV/EBITDA of 5.5x. We reiterate our BUY recommendation.