This morning’s Interim Results from the ever-growing European lime and minerals group, for the period to end-June showed a 60% growth in turnover to £468.8m (£290.0m) while it adjusted pre-tax profits were down 29% at £17.2m (£24.3m).
Its half-time earnings fell 89% to just 0.29p (2.78p), due mainly to the massive increase in equity as the group’s M&A programme continued apace.
Analyst Adrian Kersey, at Panmure Liberum, rates the shares as a Buy, looking for 120p, compared to this morning’s 67p.
For the year to end-December, he goes for £1,058m (£580m) sales, with £123.6m (£71.2m) pre-tax profits, lifting earnings to 7.9p (7.6p) per share.
For next year he sees £1,111m revenues, £146.0m profits and 9.4p of earnings.
At Zeus Capital analyst Andy Hanson has £1,065m current year sales, with adjusted pre-tax profits of £116.6m, and 7.3p earnings.
For 2025 he has £1,199m sales, £145.0m profits and 9.2p earnings.
The Zeus Capital ‘fair value’ is 158p a share.
Taking a look at those estimates, the broker’s Price Aims and the current 67p share price – all I can say in reaction is that there is a massive Upside.
(Profile 04.09.20 @ 49p set a Target Price of 65p*)
(Profile 26.07.23 @ 62.2p set a Target Price of 80p)
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