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Scapa - Numis has three year target price of £8

February 2018

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

The shares have risen strongly following decent interims with pretax profit rising 31% to £16.7m (+22% constant currency) driven by 1.6% revenue growth and an impressive 210 basis point increase in operating margin to 11.5%. With an underlying tax rate of 21%, that translates to eps growth of 30% to 8.3p.Industrial (adhesive tapes for wrapping cable and noise and vibration reduction) increased revenue 7% to £87.9m (1.3% constant currency) but trading profit soared 33% (23% constant currency) to £10.1m helped by a 2.2% rise in margin to 11.5%. CEO Heejae Chae is good at marshalling Scapa’s asset base, both closing un-needed plants in Switzerland and recently Korea and selling land at the Swiss site (£11.4m proceeds is being held in ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

All material on this website is protected by copyright. You may use Information retrieved from the www.scsw.co.uk website for your own personal non-commercial use which means that you may not sell or copy this information to any third party without prior written consent. ISSN 1358-183X

Scapa - Numis has three year target price of £8

February 2018

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