H119 results demonstrate that management is delivering to its strategy. Strong order cover across the group suggests a sharp recovery in H219, enabling management to maintain expectations that it will meet market consensus. Longer-term contract wins also support the expectations for growth of the ongoing activities, passports aside. The shares trade on an undemanding 10.4x FY20e PER, supported by a healthy yield.


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De La Rue - Increasing focus on security features
- Published:
29 Nov 2018 -
Author:
Andy Chambers -
Pages:
2 -
H119 results demonstrate that management is delivering to its strategy. Strong order cover across the group suggests a sharp recovery in H219, enabling management to maintain expectations that it will meet market consensus. Longer-term contract wins also support the expectations for growth of the ongoing activities, passports aside. The shares trade on an undemanding 10.4x FY20e PER, supported by a healthy yield.