Focusrite - The song remains the same
The investment case for Focusrite is not so much its trading growth, impressive though that is with 19% pre-tax growth in FY18, but its ability to sustain expansion into the future. Both in category terms, with the professional and app-based products developing their markets, and geographically, with Asia taking over as the fastest growth region, management demonstrates its longer-term aspirations and capabilities. In our view, the inconvenience of US tariffs is likely to be temporary and does not affect long-term value, which we define as 457p per share.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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