Report
Rob Hales
EUR 100.00 For Business Accounts Only

Rough 1Q For Victrex as Expected on Weak Auto Demand; Shares Fairly Valued

Narrow-moat Victrex reported an 18% decline in revenue and a 22% drop in volumes in the first quarter primarily due to weak demand in automotive and no volumes from the consumer electronics contract. These issues were not unexpected. Indeed, we were budgeting for a 22% decline in revenue for the first half. However, the magnitude of the drop in automotive volumes was somewhat surprising to us and the company. Indeed, first quarter automotive volumes were down 23%, mostly due to disruptions from ...
Underlying
Victrex plc

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.

Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
Rob Hales

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