De La Rue - Tax stamp deals underpin PA&T growth
Following last week’s European contracts, the award of a sizeable five-year contract for tax stamps for the Kingdom of Saudi Arabia (KSA) further underpins management’s recent assertion that Product Authentication & Traceability (PA&T) would double its sales over the next three years. In addition, we visited the polymer banknote substrate operation near Bolton yesterday that showcased De La Rue’s strong position to deliver its increasing share in this fast-growing segment of the market. Both areas highlight the underlying progress being made, which is being masked by the upcoming ending of UK passport production. We do not believe the underlying growth is reflected in the current rating.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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