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Gooch & Housego
PBT up 6%, EPS up 4-5% on acquisition of ITL
Gooch & Housego’s acquisition of ITL helps accelerate its progress towards systems based products from components, strengthening its opportunities for higher margin growth. It also doubles the size of the Life Sciences business (to 15% of FY19e sales), providing useful diversification from the more cyclical Industrial division (50%) and from Aerospace & Defence (32%). Acquisition multiples are attractive at 1.4x historic sales for a 15% margin business. We have increased our PBT estimates by 6% pa from FY19, with EPS up 4% in FY19 and 5% in FY20. We have also increased our target price to 1578p, but downgrade to Hold following strong share price outperformance.
14 Aug 18
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