Final results were ahead of our, and market, expectations at several levels reflecting strong organic growth; a good performance from acquisitions; US dollar benefit and, not least, operational efficiencies across the group. Whilst North American growth captured most of the headlines; the contribution from the UK, EMEA and APAC was significant. The balance sheet was stronger than expected leaving the group well positioned to capitalise on further M&A opportunities. The key question for investors is whether the current F Y18E PE of 15.1x fully captures growth prospects (we look for 11% EPS growth); current or future upgrades; benefit from future acquisitions or continuing US dollar strength.
11 Apr 2017
Final results ahead of expectations
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Final results ahead of expectations
Next 15 Group plc (NFG:LON) | 883 -229.6 (-2.9%) | Mkt Cap: 877.3m
- Published:
11 Apr 2017 -
Author:
Iain Daly -
Pages:
6
Final results were ahead of our, and market, expectations at several levels reflecting strong organic growth; a good performance from acquisitions; US dollar benefit and, not least, operational efficiencies across the group. Whilst North American growth captured most of the headlines; the contribution from the UK, EMEA and APAC was significant. The balance sheet was stronger than expected leaving the group well positioned to capitalise on further M&A opportunities. The key question for investors is whether the current F Y18E PE of 15.1x fully captures growth prospects (we look for 11% EPS growth); current or future upgrades; benefit from future acquisitions or continuing US dollar strength.