De La Rue - Increasing focus on security features
H119 results demonstrate that management is delivering to its strategy. Strong order cover across the group suggests a sharp recovery in H219, enabling management to maintain expectations that it will meet market consensus. Longer-term contract wins also support the expectations for growth of the ongoing activities, passports aside. The shares trade on an undemanding 10.4x FY20e PER, supported by a healthy yield.De La Rue provides governments, central banks and businesses with a range of security products, software solutions and services that underpin the integrity of trade, personal identity and the movement of people and goods. Co. has three segments: Currency, which provides printed banknotes, banknote paper and polymer substrates and banknote security components; Identity Solutions, which involves the provision of passport, ePassport, national ID and eID, driving licence and voter registration schemes; as well as Product Authentication and Traceability, which produces security documents, including authentication labels, brand licensing products, government documents, cheques and postage stamps.
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