Victrex 1H Results In Line But 2H Outlook Weaker; Shares Fairly Valued
Narrow-moat Victrex reported first-half EBT of GBP 52 million, which was broadly in line with consensus. However, the company has lost confidence in a strong recovery in the second half of 2019. Second-half “growth†is now expected to be flat, year over year. In terms of tonnage, we were calling for about 5% growth in the second half while consensus was expecting this to be closer to 10%. We don’t expect to make any material changes to our long-term forecast or GBX 2,250 fair value estimate. At ...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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