17 May 2016
Strong trading again; more upgrades
Another strong statement from Hill & Smith. Trading is ahead of expectations and we upgrade FY16 PBT by 6%. Visibility for FY16 and beyond remains positive and superior to most industrial peers, whilst the Pipe Supports restructuring is on track to give a further benefit. Given the visibility, the momentum and restructuring benefits to come in FY16 and FY17, we increase our price target to 1033p (16x FY17 EPS) and remain at Buy.