Victrex Second-Half Results Were in Line; Raising Fair Value Estimate on Lower Tax Rate
Narrow moat Victrex reported second-half results that were in line with our expectations. However, we are raising the company’s fair value estimate to GBX 2,100 from GBX 1,800 as we incorporate its new lower income tax rate and the time value of money. Victrex has qualified under the U.K. government’s patent box scheme, which supports research and development through tax benefits. Consequently, our long-term tax rate assumption for Victrex has fallen to 12% from 20%. Victrex declared a special d...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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