Flowgroup is on the cusp of transforming itself from a small energy technology developer into a major supplier. The core product, the Flow Boiler, is a truly disruptive technology that now has everything in place to take significant market share in the global domestic boiler market. Based upon UK prospects alone, we think that the business is worth £1 per share. The prospect of international sales could deliver value far in excess of that, and we initiate coverage with a Buy.
