Low & Bonar - Better funded for core strategy execution
Low & Bonar announced a fully underwritten £54m placing and open offer (c £50m net) alongside FY18 results. The new equity funding goes a long way towards resolving balance sheet net debt constraints and allows the relatively new management team to execute its updated strategic plan. Our revised estimates incorporate the funding effects, more gradual EBIT margin recovery and reset dividends in line with the stated policy.Low & Bonar manufactures and supplies performance materials commonly referred to as technical textiles. Co.'s business units are: Building and Industrial, which supplies technical textile solutions for applications in air and water filtration, building and roofing; Civil Engineering, which supplies woven and non-woven geotextiles and construction fibers used in infrastructure projects, including road and rail building, land reclamation and coastal defense; Coated Technical Textiles, which supplies a range of technical coated fabrics; and Interiors and Transportation, which supplies technical fabrics used in transportation, interior carpeting, resilient tiles and decorative products.
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