Premier Technical Services - Trinity acquisition enhances earnings by c 10 percent
PTSG has announced the acquisition of Trinity Fire and Security Systems along with a brief trading update noting that FY18 ended in line with management expectations. Trinity brings in a scale presence in electrical/ electronic systems, while its expertise complements PTSG’s existing Fire Solutions capabilities and expands the combined service offer. We have increased our earnings estimates by c 10% and, on this basis, the stock is trading on FY19 multiples of 11.3x P/E and 8.7x EV/EBITDA.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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