Premier Technical Services - Earnings growth undervalued
FY18 results met market expectations but PTSG’s share price performance over the last six months has been weak, in contrast with rising earnings estimates over this period. Acquisitions have been a good fit in our view and with a prospective net debt:EBITDA below 1x we still consider the company’s financial position to be set conservatively. A PEG of c 0.7x and FY19 P/E of 7.2x provide a gauge of the weakness of sentiment for PTSG, which we expect to deliver a double-digit three-year earnings CAGR.Premier Technical Services Group is engaged in the maintenance, inspection, testing, repair and installation of permanent facade access equipment, fall arrest systems and lightning protection systems together with fixed wire and portable appliance testing and cleaning and fire solutions. Co. has four divisions: Access and Safety, which is a supplier of fall arrest systems and safety testing services; Electrical Services, which provides lightning protection, surge protection, specialist earthing and electrical testing; Building Access Specialists, which provides cleaning and refurbishment work; and Fire Solutions, which provides service for a range of fire prevention and suppression systems.
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