A leading supplier of ventilation products to the residential and commercial construction markets.
Final Results For 12 Months To End July 2017 – Revenues up about 20% (14.5% CC), Profits, EPS and Dividend up about 10%. Seems to be pretty much in-line. The CEO states that the “new financial year has started well with organic growth ahead of that achieved in the same period in the prior year”.
Considered trading the break-out above 200p here but I don’t think this update warrants either action – A break-out or a subsequent participation.
19-Mar-2018 – 198.5p – £394.7m – PER 13.2
Interim Results For The 6 Months To End January 2018 – “Further progress with revenue growth of 11.6% and adjusted EPS up 8.3%”.
I know boring companies (like ones that make fans) are supposed to make solid investments. But, for me this really is just a boring company which I will not be investing in at present.
10-Aug-2018 – 199.5p – £403.7m – PER 12.8
Trading Update For The 6 Months To End July 2018 – Revenue up 11.3%, 4 acquisitions completed, FY in-line.
Just had a look at the latest broker note on Research Tree here and see that actual and forecast annual Revenue and EPS growth through to 2020 is below 10% each year. On a yield of 2% or so I guess this will remain range bound until something out of the ordinary happens. I am Neutral until I see evidence of that.
11-Oct-2018 – 180p – £358.0m – PER 11.3
Preliminary Results For The 12 Months To End July 2018 – Revenue up 11.1%, Reported PBT down from £17.9m to £16.7m (margins and exceptional costs blamed amongst other things). The Dividend is up 7% reflecting continued strength in the business (that’s no longer the responsibility of the PBT and EPS figures now then!).
Not enough here to change my view from Neutral.
18-Mar-2019 – 164p – £325m – PER 10
Interim Results For The 6 Months To End January 2019 – Revenue up 16.3%, Adjusted PBT up 7.6%, Adjusted EPS up 8.5%, the Interim Dividend is up 9.6% but Net Debt is up 39.5% (from £34.9m to £74.4m). Expects FY to be in-line.
Probably, considering that Net Debt and 3% or so Yield, about fairly priced here.
13-Aug-2019 – 178p – £353m – PER 10.5
Still for me, considering that Net Debt and 3% or so Yield, about fairly priced here (at best). Based on the latest Broker note this morning, in my opinion, looks about fairly valued on a 1 Year view and overvalued on a 2 Year view – Net Debt is quite high.
9-Oct-2019 – 169p – £335m – PER 11
Results For The 12 Months To End July 2019 – Revenue up 14.6% with Adjusted PBT up 11.5% and EPS up 10.3%, the FY Dividend is up 10.4%.
Some value here perhaps but not enough for me.