Solid Headline Numbers for Victrex in 1H, but Details Reveal Weakness; Shares Overvalued
Narrow-moat Victrex reported a decent first half of fiscal 2018 with core volume growth of 13% over 2017 and profit before tax of GBP 63 million, in line with consensus. Profits have been aided by a currency tailwind over the past 18 months, but this is changing now. The currency boost is expected to be much less significant in the second half of fiscal 2018 and become a material headwind in fiscal 2019. Sales volume in the first half was 2,256 tonnes, about 3% higher than our estimate. However,...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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