UP Global Sourcing Holdings
Ticker: UPGS Exchange: LSE www.upgs.com

Established in 1997, UPGS has evolved from a local business into a global success. They develop new, innovative concepts and bring professional, sought-after products to the mass market. Their offices span two continents, with headquarters in the UK, Hong Kong, Guangzhou, and Belgium.

Brand strength underpins strong growth outlook

CTA Nov 21

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UPGS’s combination of strong brands, targeted distribution channels and demonstrable success in M&A augurs well for sustainable growth. Moreover, the company’s track record in coping with disruptions associated with Covid19 should give investors confidence in senior management’s ability to handle any ongoing logistics problems associated with both international shipping and domestic haulage.  Supermarkets and Online Channels continue to grow most quickly with advances of and 32.3% and 23.2% respectively in FY2021. 

UPGS financial strength underpins our confidence in the company’s ability to continue to pay out dividends at a 50% pay-out ratio – i.e. a twice covered basis. Dividend yield is a salient valuation advantage of UPGS relative to its peers. Moreover, even at our fair value price of 275p, the company would not be rated out of line with peers on key EV/sales, EV/EBITDA and P/E measures.

UPGS Audiogram Nov 21

 

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