Strix is a global leader in the design, manufacture and supply of kettle safety controls and other components and devices involving water heating and temperature control, steam management and water filtration.

20 Jun 2024

AGM statement offers encouragement to investors

Ahead of today’s AGM, Strix has issued a trading update. Encouragingly, management note signs of recovery within the kettle controls market ahead of peak season, and adj. PBT expectations for the full year remain unchanged. YTD cash conservation actions have resulted in cash generation running ahead of internal expectations which, combined with the recent placing, means reductions in net debt/EBITDA leverage are ahead of plan. We retain our prior estimates and a fair value of 167p/share almost twice the current share price.

We maintain our fair value/share of 167p and think the shares remain materially undervalued relative to the average of our valuation models.

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