Analyst Research Report Snapshot


On track with strong H2 expected




Equity Development


24 Apr 2014





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In today's IMS Molins have stated that sales have been at similar levels to last year's in the financial year to date (year ending 31 December 2014). The Board reports that order prospects are strong, so we make no changes to our 2014 forecasts, albeit that the full year results will, this year, be more second half weighted than usual. The Board also announced its intention to switch the group's listing from the main London Exchange to AIM. An AIM listing will provide Molins with a quicker, more flexible and lower cost route for any future fund raisings, in the event of M&A activity. At current levels we believe there is considerable upside for investors and we reiterate our (unchanged) 260p/share target price. At 160p, the stock trades on P/E and EV/EBIT multiples of 7.4x (6.4x excluding cash) and 4.6x; representing 50%+ discounts to engineering sector peers on 16x and 13x respectively.

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