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Equity Development


17 Apr 2013





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Porvair is a specialist filtration and environmental technology business with operations in the UK, US, Germany and China. It manufactures advanced filters that serve niche markets and satisfy mission critical and/or regulatory driven demand. There are major barriers to entry, and customer usage tends to be non-discretionary. In 2012 turnover soared 12% to a record £76.5m, with adjusted profit before tax up 45% to £7.3m. Adjusted EBITDA rose to £9.3m, with net debt falling to £3.9m despite spending £3.3m in cash on 3 bolt-on acquisitions. Today's IMS was positive: sales up 6% like for like with profits for the first 4 months ahead of expectations due to robust performances across the board, especially in gasification. Good news also came on the Indian Reliance contract, where the scope was lifted 25%. On a sum-of-the-parts basis, our target price comes out at 230p/share. Scope for a further rerating can come from future contract wins, profit upgrades and/or earnings enhancing acquisitions.

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