Low & Bonar - Transition year
A new senior management team is in place with a clear agenda to improve operational and financial performance. FY18 is going to be a transition year but investors will still want to see evidence of progress from the two strongest business units and in addressing specific issues in the other two. We have not changed estimates at this stage, but note the increased H2 bias flagged by management. The attraction of the current valuation will depend on the level of investor confidence in underlying prospects.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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