Victrex’s 3Q Volume Growth Remains Robust Despite Increasing Headwinds in Consumer Electronics
We are maintaining Victrex’s narrow moat rating and GBX 1,800 fair value estimate after reviewing the company’s third-quarter trading statement. Performance in the industrial-focused business has been strong this year, more than offsetting the headwinds in consumer electronics. Total volumes grew 6% in the third quarter, year over year, and are up 5% for the year to date. This is in line with our long-term view of 5% volume growth on average, but we expected 2017 to be a softer year, given the s...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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