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Leading International Investment Research, Edison Investment Research

Equity Bottom-Up

<p>SinnerSchrader (SZZ) expects another year of double-digit revenue growth and margin improvement in FY17, underpinned by the Audi win. This confidence is reflected in the 67% increase in the dividend to 20c. This should provide strong support to the shares which, on an FY17e P/E of 16x, trade in line with SZZ&rsquo;s wider peer group, although still at a discount to closest German peer Syzygy.</p>

SinnerSchrader (SZZ) expects another year of double-digit revenue growth and margin improvement in FY17, underpinned by the Audi win. This confidence is reflected in the 67% increase in the dividend to 20c. This should provide strong support to the shares which, on an FY17e P/E of 16x, trade in line with SZZ&rsquo;s wider peer group, although still at a discount to closest German peer Syzygy.

SinnerSchrader AG

Dividend increased 67%