Macfarlane has reported FY2018 results with revenue and operating profit largely inline with expectations but EPS ahead of expectations due to lower interest and tax than we had in our forecasts. However, the company is continuing to demonstrate strong operational performance with increasing margins and scope for further organic and inorganic growth with 2019 starting well. At 12x 2019 P/E, we see significant value in the Macfarlane share price and reiterate our buy rating.
