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

<p>PZ Cussons (PZC) is in transition. Both St Tropez (largely a US business) and Africa (mainly Nigeria) are potentially worth more to others than they are to PZC. Their disposal will reduce earnings volatility and balance sheet risk. Unsurprisingly, the market’s focus is on when and how much but the emphasis should shift to PZC’s potential post-disposals. PZC has been spread too thinly, making it overly complex for its size. Management believes that simplification will deliver a more effective operation capable of sustained revenue growth, driven by innovation and profitability, moving back towards historical peaks. Such higher margins could result in better valuation multiples. PZC trades on a prospective P/E of 12x.</p>

PZ Cussons (PZC) is in transition. Both St Tropez (largely a US business) and Africa (mainly Nigeria) are potentially worth more to others than they are to PZC. Their disposal will reduce earnings volatility and balance sheet risk. Unsurprisingly, the market’s focus is on when and how much but the emphasis should shift to PZC’s potential post-disposals. PZC has been spread too thinly, making it overly complex for its size. Management believes that simplification will deliver a more effective operation capable of sustained revenue growth, driven by innovation and profitability, moving back towards historical peaks. Such higher margins could result in better valuation multiples. PZC trades on a prospective P/E of 12x.

United Kingdom

PZ Cussons plc is a holding company.  Through its subsidiaries, the Company manufactures soaps, detergents, toiletries, pharmaceuticals, refrigerators, and air conditioners.  PZ Cussons also sells and merchandises its products in the United Kingdom, Greece, Africa, Australia, Indonesia, and Thailand.

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PZ Cussons PLC (PZC LN)

PZ Cussons — Less is more

PZ Cussons (PZC) is in transition. Both St Tropez (largely a US business) and Africa (mainly Nigeria) are potentially worth more to others than...

Edison Investment Research

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