The Group has produced interim results in line with expectations, with FY19 forecast revisions merely reflecting accounting changes and £0.3m of strategy review costs. Confidence in underlying trading is reflected in a 5% increase in the dividend to 1.05p, in line with our 3.2p forecast for FY19 (4.0% yield). The stock currently trades on 14.0x FY19 P/E and 8.7x FY19 EV/EBITDA which we feel significantly undervalues not only the current proposition from core trading, but also the medium
04 Dec 2018
Interim results in line; mix improving
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Interim results in line; mix improving
- Published:
04 Dec 2018 -
Author:
Michael White -
Pages:
9
The Group has produced interim results in line with expectations, with FY19 forecast revisions merely reflecting accounting changes and £0.3m of strategy review costs. Confidence in underlying trading is reflected in a 5% increase in the dividend to 1.05p, in line with our 3.2p forecast for FY19 (4.0% yield). The stock currently trades on 14.0x FY19 P/E and 8.7x FY19 EV/EBITDA which we feel significantly undervalues not only the current proposition from core trading, but also the medium