No change to forecasts following H117 update; our forecast equates to earnings growth of 23% in FY17. We believe a PE valuation around 10x remains inconsistent with current trading, geographical alignment and delivery of the strategy to acquire niche growth businesses such as Rishworth and ConSol. We anticipate an ongoing narrowing of the discount to its peer group as superior growth rates compensate for size/liquidity and cash generation drives a rapidly improved balance sheet. A rating of a
21 Jul 2017
H117 trading update
Sign up to access
Get access to our full offering from over 30 providers
Get access to our full offering from over 30 providers
H117 trading update
Empresaria Group plc (EMR:LON) | 36.5 0 0.0% | Mkt Cap: 18.2m
- Published:
21 Jul 2017 -
Author:
Ben Thefaut -
Pages:
4
No change to forecasts following H117 update; our forecast equates to earnings growth of 23% in FY17. We believe a PE valuation around 10x remains inconsistent with current trading, geographical alignment and delivery of the strategy to acquire niche growth businesses such as Rishworth and ConSol. We anticipate an ongoing narrowing of the discount to its peer group as superior growth rates compensate for size/liquidity and cash generation drives a rapidly improved balance sheet. A rating of a