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  • Writer's pictureMark Watson-Mitchell

Volution can close valuation gap, says Berenberg

Ventilation group Volution (FAN) has delivered strong 2022 numbers and Berenberg believes this puts it on track to narrow the valuation gap with its European peers.

Analyst Lushanthan Mahendrarajah retained his ‘buy’ recommendation and target price of 460p on the stock, which was trading 5.9% higher at 325p on Thursday afternoon.

‘Volution has released strong full-year 2022 numbers, with earnings per share 2% above consensus expectations,’ said Mahendrarajah.

‘While we make limited changes to our forecasts as we continue to be wary about end-markets, Volution’s current trading remains robust, and we believe the group is very well positioned given its sector-leading pricing power, regulatory tailwinds, an increasing focus on indoor air quality and its strong balance sheet.’

Mahendrarajah added the group continues to build on a strong track record and he now expects ‘the valuation gap versus European heating, ventilation and air-conditioning peers to narrow’.


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