Another set of record results and a 36th consecutive year of dividend increases of 5% or more (7%). Halma is one of the highest quality UK industrials and continues to deliver. As we have said previously, valuation is always the moot point with Halma, now on a P/E of c.24x Mar 16, and ahead of the ratings of (equally) high quality US peers such as Danaher. We await the analyst presentation and expect to upgrade forecasts and our price target but expect to remain at Sell on valuation grounds.
