Leading International Investment Research, Edison Investment Research

Edison Investment Research

Leading International Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

Equity Bottom-Up

Approaching the year end, slower trading in certain sub-sectors causes us to trim our FY19 earnings estimates by 5% (with more modest adjustments thereafter). This does not change our view that the company is well placed by sector to benefit from some long-term structural drivers in the building materials space.

Approaching the year end, slower trading in certain sub-sectors causes us to trim our FY19 earnings estimates by 5% (with more modest adjustments thereafter). This does not change our view that the company is well placed by sector to benefit from some long-term structural drivers in the building materials space.

Polypipe - Well-placed but revenue progress moderates

The highly complementary £14m acquisition of Alderburgh expands Polypipe’s stormwater management portfolio offering, adding design and installation capabilities also. The earnings impact is modest but this serves as a further strengthening of Polypipe’s market position in the relatively robust infrastructure segment. Once wider UK economic uncertainties clear, we expect increased support for Polypipe’s share price.

The highly complementary £14m acquisition of Alderburgh expands Polypipe’s stormwater management portfolio offering, adding design and installation capabilities also. The earnings impact is modest but this serves as a further strengthening of Polypipe’s market position in the relatively robust infrastructure segment. Once wider UK economic uncertainties clear, we expect increased support for Polypipe’s share price.

Newbuild residential was the standout sector for Polypipe in FY17 with relatively subdued performance in Commercial and Infrastructure. Overall, underlying PBT and EPS from ongoing operations rose by 7.9% and 10.1% with full year DPS up by 9.9%. Our estimates are slightly lower adjusted for a non-core business disposal but recent share price weakness is overdone in our view.

Newbuild residential was the standout sector for Polypipe in FY17 with relatively subdued performance in Commercial and Infrastructure. Overall, underlying PBT and EPS from ongoing operations rose by 7.9% and 10.1% with full year DPS up by 9.9%. Our estimates are slightly lower adjusted for a non-core business disposal but recent share price weakness is overdone in our view.

Polypipe - Strong Residential performance

Polypipe is benefiting from its leading position as a supplier into the new housebuilders who are expecting further growth. Other sectors are seeing different conditions but activity levels &ndash; including price increases &ndash; appear to be holding up reasonably well here also. Our estimates are unchanged and we retain the view that a sector premium rating is warranted.

Polypipe is benefiting from its leading position as a supplier into the new housebuilders who are expecting further growth. Other sectors are seeing different conditions but activity levels &ndash; including price increases &ndash; appear to be holding up reasonably well here also. Our estimates are unchanged and we retain the view that a sector premium rating is warranted.

Polypipe - Sector variation, solid performance

Polypipe has leading positions in the best performing UK building and construction segments and delivered robust financial performance in H117. The company is well set for this to extend in H2 and beyond and we retain our view that it should continue to attract a premium rating in its sector.

Polypipe has leading positions in the best performing UK building and construction segments and delivered robust financial performance in H117. The company is well set for this to extend in H2 and beyond and we retain our view that it should continue to attract a premium rating in its sector.

United Kingdom

Polypipe Group plc designs, develops, and manufactures plastic piping systems. The Company offers its products to the residential, commercial, civil, and infrastructure sectors. Polypipe Group serves customers worldwide.

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Polypipe (PLP LN)

Polypipe - Well-placed but revenue progress moderates

Approaching the year end, slower trading in certain sub-sectors causes us to trim our FY19 earnings estimates by 5% (with more modest adjustments...

Edison Investment Research

Polypipe - Clear fit from bolt-on deal

The highly complementary £14m acquisition of Alderburgh expands Polypipe’s stormwater management portfolio offering, adding design and installation...

Edison Investment Research

Polypipe - Strong Residential performance

Newbuild residential was the standout sector for Polypipe in FY17 with relatively subdued performance in Commercial and Infrastructure. Overall,...

Edison Investment Research

Polypipe - Sector variation, solid performance

Polypipe is benefiting from its leading position as a supplier into the new housebuilders who are expecting further growth. Other sectors are...

Edison Investment Research

Performance at a premium

Polypipe has leading positions in the best performing UK building and construction segments and delivered robust financial performance in H117. The...

Edison Investment Research

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