Ultimate Products plc (ULTP) develops new, innovative concepts and brings professional, sought-after products to the mass market. Their offices span two continents, with headquarters in the UK, a sourcing office and showroom in China and a further showroom in Continental Europe. Key owned brands include Salter, Beldray, Progress, Kleeneze, Petra and Intempo. The company also markets non-electrical Russell Hobbs products under licence, now on a rolling four-year basis.

16 Jul 2019

Further positive surprises – growing well!

UPGS looks to end FY2019 on an extremely positive note. Its trading statement issued today indicates that sales revenue will be above both our own and market expectations. Moreover, profits (EBITDA and pre-tax) should also beat our estimates. With sales growth outperforming across the group, management strategy appears on track. After recent share price weakness, valuation metrics look supportive for the share price.

In terms of valuation, we remain firmly of the view that 100p is a reasonable near term share price. Based on our revised numbers that would imply 0.8x EV/sales and an undemanding 12.7x P/E ratio, dropping to a 12.0x P/E in FY2020.

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