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Edison Issues Initiation on Polypipe (PLP)


News provided by

Edison Investment Research

15 Mar, 2017, 13:17 GMT

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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.

     (Logo: http://photos.prnewswire.com/prnh/20130417/608168 )

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%.


Click here to view the full report.

All reports published by Edison are available to download free of charge from its website

http://www.edisoninvestmentresearch.com

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.

Edison is authorised and regulated by the Financial Conduct Authority.

Edison is not an adviser or broker-dealer and does not provide investment advice. Edison's reports are not solicitations to buy or sell any securities.

Contact details: Learn more at http://www.edisongroup.com and connect with Edison on:  

LinkedIn http://www.linkedin.com/company/edison-investment-research  
Twitter  http://www.twitter.com/Edison_Inv_Res  
YouTube  http://www.youtube.com/edisonitv  
Google+  https://plus.google.com/105425025202328783163/posts

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 industrials@edisongroup.com

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