We have increased our DCF-derived target price to 750p (from 550p) on the back of interim results which suggest the capital investment in Technical Fibre Products (TFP) is beginning to pay off as sales rose 25.2% in the first half. We have maintained our group adj. PBT forecast at £3.9m despite dollar strength and euro weakness impacting profits. We have increased our medium-term cash flow projections and with a more realistic 10% WACC and 2% long-term growth rate assumptions increase t
11 Nov 2015
Increased target price as interims on track
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Increased target price as interims on track
James Cropper plc (CRPR:LON) | 295 0 0.0% | Mkt Cap: 28.2m
- Published:
11 Nov 2015 -
Author:
Robert Sanders -
Pages:
8
We have increased our DCF-derived target price to 750p (from 550p) on the back of interim results which suggest the capital investment in Technical Fibre Products (TFP) is beginning to pay off as sales rose 25.2% in the first half. We have maintained our group adj. PBT forecast at £3.9m despite dollar strength and euro weakness impacting profits. We have increased our medium-term cash flow projections and with a more realistic 10% WACC and 2% long-term growth rate assumptions increase t