Tyman: Focus On Above-Market Growth
Edison | Dec 09, 2016 05:11AM ET
While market conditions are mixed, Tyman (LON:TYMN) is focused on significant investment and footprint programmes in all three divisions, each also benefitting from acquisitions. This should provide relative resilience if markets remain sluggish and the rating and yield both have attractions given our expectations for progress.
Schlegel International – building opportunity
A management presentation highlighted progress in shaping the original Schlegel operations together with Giesse (acquired in March) but also significant sector opportunities from both existing portfolio products and prospective new ones. The task is now to capitalise on these by deepening divisional and group integration and driving cross-selling in the first instance but also building the offering. The international platform is already broad; consolidation and geographic expansion will both feature and footprint efficiency continues to evolve. The challenge will be focus and capital allocation balancing short-term opportunities and longer-term strategic moves. The scale of ambition is clear, aiming to double EBIT in five years (to 2021) and reaching mid-teen margins (vs our expected c 8% in FY16)
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