Focusrite - A warm tone
Focusrite has delivered strong FY19 results, highlighting improved revenue momentum with a favourable reception of new product releases, better-than-expected margin delivery and encouraging trading on its first major acquisition since IPO, ADAM Audio. We increase our underlying assumptions for FY20 to reflect the improved trading and gross margin benefits from a shift in sourcing, but forex translation (notably strengthening sterling versus the euro) tempers the upgrade to c 4% for FY20. Our DCF-based valuation increases to 618p from 544p.Focusrite is engaged in the development, manufacture and marketing of professional audio and electronic music products. As of Aug 31 2017, Co. had three business segments: Focusrite, which includes the sales of Focusrite or Focusrite Pro branded products; Novation, which includes the sales of Novation or Ampify branded products; and Distribution, which distributes third-party brands including KRK, Ableton, Stanton, Cerwin-Vega, Cakewalk and sE Electronics.
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