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finnCap note out this morning on research tree.. "The final results are ahead of forecast and last year, our current year forecast remains unchanged and the introduction of a 2018 forecast implies two-year forecast growth in adjusted PBT of 70%. The group holds 6p per share net cash, and excluding any future acquisitions is expected to remain cash generative. The business is also expected to be a beneficiary of any weakness in sterling. The valuation metrics however look anomalous to us given this positive investment profile with an EV/EBITDA multiple of 2.5x and a yield of 4.3%. "
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