Execution strength fuels growth
Excellent execution underpinned a strong recovery year for UPGS in FY2019, which augurs well for future growth. Headline results confirm the company’s 9th September trading statement. Detailed sales data reflect the company’s ability to enhance core domestic growth with strong progress in both international and online. In our view, growth should remain positive in FY2020.UPGS’s preliminary results lap last year’s announcement that was the start of the company consistently reporting much better newsflow. While we maintain our FY2020 forecasts from our 9th September update, investors should in our view note both the quality of earnings and the clear path to growth. As a result, we continue to argue for a 100p share price, which would imply 9.6x FY2020 EV/EBITDA and an 11.8x P/E ratio.
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