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.

30 Mar 2022

Exciting product pipeline

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The preliminary results for FY21 were encouraging, with results modestly ahead of consensus expectations with record levels at the revenue and PAT level. Although headwinds continue, leading to pressure on gross margins, management actions have ameliorated the impact of rising input costs and the target of doubling revenues till by 2025 is still on course.

However, we think sanctions on the Russian economy are likely to result in up to a c. £3m hit to revenues in both FY22 and FY23, resulting in a 2% reduction in adj. EPS in both periods. Although Strix does not sell directly into Russia, the Chinese OEMs supplied with kettle controls do. We therefore reduce our fair value / share to 293p, still representing a 22% premium to the current share price.

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