Victrex has an excellent track record of volume growth over a sustained period. Between 1999 and 2015, the volume CAGR has been c.9% and volume only declined in the recession years of 2002 and 2009. Whilst acknowledging current challenges (lumpy consumer electronics sales, competitive threat from Solvay), we expect the long term growth trend to continue and believe the shares are attractively valued on a medium term view. The FY’16 P/E rating of 17.8x is undemanding with a 3% yield and special d ....
