Zotefoams (ZTF)

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Zotefoams ZTF Logo

A world leader in cellular materials technology.

10-Jan-2018 – 453.5p – £201.4m – PER 25.3

Trading Update – FY Revenue expected to be ahead of market expectations and PBT expected to be at the top end of expectations. 2018 order book is strong.

There’s quite a lot to like here. But, on a PER of 19 I thought it was expensive (seems I was wrong) and I still do, even more so now (PER is 25.3).

13-Mar-2018 – 471p – £209.2m – PER 26.3

Results For The 12 Months To End December 2017 – “Another record year for sales and profits”, Revenue up 22% to £70.15m (2016: £57.38m), reported PBT up 8% to £7.55m (2016: £6.99m) and the FY Dividend will be 5.93p (2016: 5.75p), a 3.1% increase.

Wrongly, I avoided this on a PER of 19 and on a PER of 25.3. I am still not tempted.

7-Aug-2018 – 554p – £267.6m – PER 27.9

Interim Results For The 6 Months To End June 2018 – Record Revenue, up +17% (CC), PBT (pre-exceptional) up 21% (EPS up 15%) with the Interim Dividend up 3.1% – Continues to trade in-line with the Board’s expectations.

(Wrongly it seems) avoided this on a PER of 19, 25.3 and now at 27.9 I still don’t see value here, I remain Neutral.

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