Record FY17 profits were in line with expectations and showed a fourth consecutive year of double-digit earnings growth. We are leaving our PBT and earnings forecasts largely unchanged and forecast 3-year EPS CAGR of 5% to 2020. We expect DPS to increase 20% in FY18E and then grow in line with earnings thereafter, and forecast net cash to rise to £48m by 2020. We retain our 215p price target which values Photo-Me on 22x FY18 adj. EPS.
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Record profit
ME Group International plc (MEGP:LON) | 165 -1 (-0.4%) | Mkt Cap: 619.4m
- Published:
27 Jun 2017 -
Author:
Cavendish Research -
Pages:
12
Record FY17 profits were in line with expectations and showed a fourth consecutive year of double-digit earnings growth. We are leaving our PBT and earnings forecasts largely unchanged and forecast 3-year EPS CAGR of 5% to 2020. We expect DPS to increase 20% in FY18E and then grow in line with earnings thereafter, and forecast net cash to rise to £48m by 2020. We retain our 215p price target which values Photo-Me on 22x FY18 adj. EPS.