Ultimately, there’s brand value
What could have been a “year of living dangerously” for UPGS was a year of living positively. Today’s headline preliminary FY2020 results contain few surprises, so investors should in our view reflect on the company’s relatively upbeat stance for the near-term outlook. Despite new Covid measures, a combination of effective brand management, new distribution channels and geographical expansion augurs well for sustainable revenue growth.We maintain our assessment of fair value for UPGS’s shares at 150p, which is a healthy premium to current levels. At that price, key valuation multiples would still only be a 1.1x EV/sales ratio and 17x P/E ratio based on FY2022 forecasts.
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