Stronger trading drives upgrades
Acal experienced strong trading in Q417, with organic growth in both divisions further boosted by currency. Order intake in Q417 saw 13% organic growth, positioning the company well for FY18. We have revised our forecasts to reflect the stronger trading environment, resulting in EPS upgrades of 3.4% in FY17 and 2.3% in FY18. Despite some recovery in the share price, in our view the stock still represents good value.discoverIE Group designs, manufactures and supplies electronic products, supplying customers in the transportation, medical, renewable energy and industrial sectors. Co.'s business is focused in five technology areas, which include communication and sensors, imaging and photonics, power and magnetics, microsystems, and electromechanical and cabling. Co. operates across two divisions: Design & Manufacturing, which supplies custom electronic products which are designed or modified from an existing product to customer specifications; and Custom Distribution, which provides technically demanding, customized electronic, photonic and medical products to industrial manufacturers.
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