We initiate with a BUY recommendation, with our analysis implying a fair value of 80p. Whilst we recognise that near-term market sentiment remains cautious towards the recruitment sector, we focus on the structural growth drivers, geographic and sector diversity of the business model and the uniqueness of its Offshore Services offering. In our view, the current valuation underestimates the overall resilience of the model and on a FY23E PE of 6.7x, this presents an attractive buying opportunity.
11 Aug 2022
Cenkos: Empresaria Group plc -- Looking at the longer term
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Cenkos: Empresaria Group plc -- Looking at the longer term
Empresaria Group plc (EMR:LON) | 36.5 0.4 2.8% | Mkt Cap: 18.2m
- Published:
11 Aug 2022 -
Author:
Andrew Gibb -
Pages:
21
We initiate with a BUY recommendation, with our analysis implying a fair value of 80p. Whilst we recognise that near-term market sentiment remains cautious towards the recruitment sector, we focus on the structural growth drivers, geographic and sector diversity of the business model and the uniqueness of its Offshore Services offering. In our view, the current valuation underestimates the overall resilience of the model and on a FY23E PE of 6.7x, this presents an attractive buying opportunity.