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Tristel develops proprietary infection, hygiene and contamination control products used by: Human Healthcare, Contamination Control, and Animal Care organisations. Tristel has this morning announced a special dividend of 3p per share payable on 6 August 2015, to shareholders on the register on 26 June 2015. This is in line with the company's philosophy that the business should return cash to shareholders which is not required for future earnings enhancing investments, and it stated that "returning cash to shareholders at this juncture will not be at the expense of investment in the business". Going forward the prevailing dividend policy has been set at 2x times cover, split 25:75 for interim and final. At 95p, despite the strong price performance over the past two years, we still believe the stock is cheap, trading on a FY15 PEG of less than 0.7, compared to many Pharma companies which are seeing EPS reductions this year due to patent expiries. Tristel's Chairman stated today that "the business is making excellent progress in all of its markets and we view the future with confidence." Preliminary results for the year to 30 June are due on 12 October. We envisage FY15 revenues to come in at £15.5m (up 15% yoy), and forecast adjusted EBIT of £2.5m (up 37% yoy), giving a 16.1% margin. We reiterate our 110p/share target price.Tristel is a manufacturer of infection prevention and contamination control products. Its key technology is a proprietary chlorine dioxide formulation. Co. has three segments: human healthcare, which includes the manufacture, development and sale of infection control and hygine products including products that incorporate Co.'s chlorine dioxide chemistry, and are used primarily for infection controls in hospitals; animal healthcare, which involves the manufacture and sale of disinfection and cleaning products into veterinary and animal welfare sectors; and contamination control, which addresses the pharmaceutical and personal care manufacturing industries.
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