Initiating Coverage of Victrex With Narrow Moat Rating and GBX 1,700 Fair Value Estimate
We are initiating coverage of Victrex with a narrow moat rating and a fair value estimate of GBX 1,700. Our fair value estimate implies a price/earnings ratio of 16 times and an enterprise value/EBITDA ratio of 11 times, based on 2017 estimates. At current levels, the shares look moderately overvalued.U.K.-based Victrex is the creator of and dominant market leader in polyetheretherketone, or PEEK, a light-weight ultra-high-performance plastic used for the most demanding applications in transpor...
Victrex is a non-trading investment holding company. Through its subsidiaries, Co. is engaged in polymer solutions, focused on the strategic markets of Automotive, Aerospace, Energy (including Manufacturing & Engineering), Electronics and Medical. Co. develops solutions in Polyether ether ketone (PEEK) and Polyaryletherketones (PAEK) based polymer, selected semi-finished and finished parts. Co.'s operating segments are: Industrial (Victrex Polymer Solutions), which focuses on its Automotive, Aerospace, Electronics and Energy markets; and Medical (Invibio Biomaterial Solutions), which focuses on providing solutions for medical device manufacturers.
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