Given poor news-flow from elsewhere in the peer group (a WPP online advertising wobble is never helpful for sentiment, despite very little direct read across for NFC); these interim results were reassuringly solid. The key North American business continues to deliver healthy organic growth whilst the UK is experiencing both organic growth and M&A contribution. The second half has started well and management tone can best be described as cautiously optimistic. NFC has been a beneficiary of Dollar strength in recent years and the outlook here is mixed. NFC now trades at a 3% PE discount to the Small Cap Agency peer group despite a superior growth outlook and solid balance sheet.
04 Oct 2017
Interim Results – Solid H1; good start to H2
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Interim Results – Solid H1; good start to H2
Next 15 Group plc (NFG:LON) | 893 -241.1 (-3.0%) | Mkt Cap: 887.7m
- Published:
04 Oct 2017 -
Author:
Iain Daly -
Pages:
7
Given poor news-flow from elsewhere in the peer group (a WPP online advertising wobble is never helpful for sentiment, despite very little direct read across for NFC); these interim results were reassuringly solid. The key North American business continues to deliver healthy organic growth whilst the UK is experiencing both organic growth and M&A contribution. The second half has started well and management tone can best be described as cautiously optimistic. NFC has been a beneficiary of Dollar strength in recent years and the outlook here is mixed. NFC now trades at a 3% PE discount to the Small Cap Agency peer group despite a superior growth outlook and solid balance sheet.