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Peel Latchways (Sell from Buy) - Profit shortfall due to Vertical order slippage




Peel Hunt


18 Nov 2013





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Latchways (Sell from Buy) Profit shortfall due to Vertical order slippage Following delays in customer vertical spend we are reducing Mar 2014E PBT by 11%. But despite today’s downgrades, in our opinion, Latchways continues over the medium term to offer decent growth opportunities and high ROCE, supported by strong finances. Furthermore it has recently begun to see increased activity in UK construction market – this bodes well for future, but will take time (12-18months) to translate into significant orders. However, with 12% downside our recommendation moves to Sell as we seek a more attractive entry point.

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