On the back of a strong set of interim results we have reviewed our DCF analysis and reduced our WACC assumption from 10% to 9%. This, together with increased cash flow forecasts from FY2020 has led to an increased DCF valuation per share of 1200p which we have made our new target price (from 870p). TFP continued to be the main driver of sales growth in H1 but JC Paper also grew. The launch of 3DP in September indicates its further progress. On the higher TP we upgrade our recommendation to A
15 Nov 2016
Increased target price and rating upgrade
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Increased target price and rating upgrade
James Cropper plc (CRPR:LON) | 295 0 0.0% | Mkt Cap: 28.2m
- Published:
15 Nov 2016 -
Author:
Robert Sanders -
Pages:
8
On the back of a strong set of interim results we have reviewed our DCF analysis and reduced our WACC assumption from 10% to 9%. This, together with increased cash flow forecasts from FY2020 has led to an increased DCF valuation per share of 1200p which we have made our new target price (from 870p). TFP continued to be the main driver of sales growth in H1 but JC Paper also grew. The launch of 3DP in September indicates its further progress. On the higher TP we upgrade our recommendation to A