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

Approaching the year end, slower trading in certain sub-sectors causes us to trim our FY19 earnings estimates by 5% (with more modest adjustments thereafter). This does not change our view that the company is well placed by sector to benefit from some long-term structural drivers in the building materials space.

Approaching the year end, slower trading in certain sub-sectors causes us to trim our FY19 earnings estimates by 5% (with more modest adjustments thereafter). This does not change our view that the company is well placed by sector to benefit from some long-term structural drivers in the building materials space.

Polypipe - Well-placed but revenue progress moderates

The highly complementary £14m acquisition of Alderburgh expands Polypipe’s stormwater management portfolio offering, adding design and installation capabilities also. The earnings impact is modest but this serves as a further strengthening of Polypipe’s market position in the relatively robust infrastructure segment. Once wider UK economic uncertainties clear, we expect increased support for Polypipe’s share price.

The highly complementary £14m acquisition of Alderburgh expands Polypipe’s stormwater management portfolio offering, adding design and installation capabilities also. The earnings impact is modest but this serves as a further strengthening of Polypipe’s market position in the relatively robust infrastructure segment. Once wider UK economic uncertainties clear, we expect increased support for Polypipe’s share price.

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

We remain constructive on global equities as the MSCI ACWI, ACWI ex-U.S., and EAFE indexes consolidate above their respective 200-day moving averages. On the other hand, the MSCI EM index is breaking below its 200-day moving average and is flirting with a breakdown below 56,000 support (local currency).  We see attractive Opportunities in Manufacturing &amp; Materials in Europe, Japan and China, India, and Taiwan.

We remain constructive on global equities as the MSCI ACWI, ACWI ex-U.S., and EAFE indexes consolidate above their respective 200-day moving averages. On the other hand, the MSCI EM index is breaking below its 200-day moving average and is flirting with a breakdown below 56,000 support (local currency).  We see attractive Opportunities in Manufacturing &amp; Materials in Europe, Japan and China, India, and Taiwan. 

Global Indexes Are Consolidating, EM Is Breaking Down

Newbuild residential was the standout sector for Polypipe in FY17 with relatively subdued performance in Commercial and Infrastructure. Overall, underlying PBT and EPS from ongoing operations rose by 7.9% and 10.1% with full year DPS up by 9.9%. Our estimates are slightly lower adjusted for a non-core business disposal but recent share price weakness is overdone in our view.

Newbuild residential was the standout sector for Polypipe in FY17 with relatively subdued performance in Commercial and Infrastructure. Overall, underlying PBT and EPS from ongoing operations rose by 7.9% and 10.1% with full year DPS up by 9.9%. Our estimates are slightly lower adjusted for a non-core business disposal but recent share price weakness is overdone in our view.

Polypipe - Strong Residential performance

Polypipe is benefiting from its leading position as a supplier into the new housebuilders who are expecting further growth. Other sectors are seeing different conditions but activity levels &ndash; including price increases &ndash; appear to be holding up reasonably well here also. Our estimates are unchanged and we retain the view that a sector premium rating is warranted.

Polypipe is benefiting from its leading position as a supplier into the new housebuilders who are expecting further growth. Other sectors are seeing different conditions but activity levels &ndash; including price increases &ndash; appear to be holding up reasonably well here also. Our estimates are unchanged and we retain the view that a sector premium rating is warranted.

Polypipe - Sector variation, solid performance

United Kingdom

Polypipe Group plc designs, develops, and manufactures plastic piping systems. The Company offers its products to the residential, commercial, civil, and infrastructure sectors. Polypipe Group serves customers worldwide.

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Polypipe (PLP LN)

Polypipe - Well-placed but revenue progress moderates

Approaching the year end, slower trading in certain sub-sectors causes us to trim our FY19 earnings estimates by 5% (with more modest adjustments...

Edison Investment Research

Polypipe - Clear fit from bolt-on deal

The highly complementary £14m acquisition of Alderburgh expands Polypipe’s stormwater management portfolio offering, adding design and installation...

Edison Investment Research

Global Indexes Are Consolidating, EM Is Breaking Down

We remain constructive on global equities as the MSCI ACWI, ACWI ex-U.S., and EAFE indexes consolidate above their respective 200-day moving...

Vermilion Research

Polypipe - Strong Residential performance

Newbuild residential was the standout sector for Polypipe in FY17 with relatively subdued performance in Commercial and Infrastructure. Overall,...

Edison Investment Research

Polypipe - Sector variation, solid performance

Polypipe is benefiting from its leading position as a supplier into the new housebuilders who are expecting further growth. Other sectors are...

Edison Investment Research

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