PRN: Edison Issues Initiation on Polypipe (PLP)

15/mar/2017 14:18:18 PR Newswire Turismo Contatta l'autore

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Edison Issues Initiation on Polypipe (PLP)


LONDON, March 15, 2017 /PRNewswire/ --

We expect forthcoming FY16 results (30 March) to highlight the strength of Polypipe's model with a strong y-o-y uplift in earnings and good cash generation. The company is well positioned and aligned with long-term UK government policy direction and we expect greater clarity to benefit this industry leader. Translating this to earnings growth above the peer average will be key to sustaining a premium rating.

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Since IPO, Polypipe's share price has risen by c 36% although the path has been somewhat more variable than the underlying trading performance. Sentiment was affected by the Brexit outcome in June last year but has recovered well from a share price low of 227p in July. On our initial estimates, the company is trading on FY16 13.5x P/E and 9.8x EV/EBITDA multiples, which compress to 11.7x and 8.2x respectively by FY18. Faster earnings growth rates sustaining the current premium rating and putting it in line with sector peer Marshalls would generate a share price towards or in excess of 400p. The expected FY16 dividend yield is 3.0%.

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About Edison: Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world-renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisers and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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For more information please contact:

Toby Thorrington Edison Investment Research, +44-(0)20-3077-5721 Roger Johnston Edison Investment Research +44-(0)20-3077-5722

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