Authoritative Independent Monthly Share Selections Using Technical & Fundamental Analysis

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May 2024

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.

  • Epic Code:
  • FAN
  • Price:
  • 422p
For the second time in two months Volution has guided to an increase in expectations following a strong first half. Overall revenue for H1 was up 6.3% year-on-year with all three regions growing, the strongest being UK residential, while recent acquisitions ClimaRad and I-Vent have performed well. Operating profit increased almost 13% to £38.6m with operating margins up 1.3% to 22.4%, driven by “service, brands, portfolio management and pricing power.” Cash conversion of 98% was strong and leverage (net debt / EBITDA) was just 0.7x. Berenberg has nudged FY’24 eps 2% higher to 27p leaving the forward PE at 15.6. Its price target is 500p. With demand for its de-centralised heat recovery ventilation systems providing a lon ...

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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.

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