Ultra Electronics: Decoding The Messages
Edison | Sep 13, 2016 06:40AM ET
Ultra Electronics Holdings Plc (LON:ULE) is in a replenishment phase, investing in new technologies to embed in programmes that should return the company to growth from FY17. In the current year the spending environment remains flat, but FX and M&A contributions will bolster performance, enabling the company to deliver EPS in excess of 2011’s record level. Our fair value of 2,037p indicates decent upside for the shares should improved order intake and continuing investment deliver expected growth.
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