The 600 Group (SIXH): Acquisition of CMS attractive and EPS-enhancing
The Control Micro Systems Inc (CMS) acquisition (US) is strategically attractive. Trading remains good, with a healthy and improved order book, and growth enhanced by new product launches and new market entry. The group remains competitively well positioned, with a world-class reputation in machine tools and laser marking. The shares stand at a discount to the peer group and to a DCF valuation, and offer an appealing yield.600 Group is an engineering group. Co. operates these businesses from locations in North America, Europe and Australia selling into more than 180 countries worldwide. Co. has two segments: Machine Tools and Precision Engineered Components, which designs and develops metal processing machine tools sold under the brand names Colchester, Harrison and Clausing and designs and manufactures precision engineering components under the brand names Pratt Burnerd and Gamet; and Industrial Laser Systems, which operates under the combined TYKMA Electrox brand that provides laser solutions across a number of industrial laser applications including marking, engraving and micro-material processing.
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