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.

23 Jan 2019

Well positioned for further growth in 2019

Strix’s pre-close trading update, which confirmed market expectations for its 2018 earnings, included a number of other positives: robust free cash flow, sustained market leadership, brisk 7% core kettle safety category growth, an on track planned factory relocation and reconfirmation of ongoing vigorous IP protection.

In our view, Strix remains well placed for further progress in 2019 whilst valuation remains relatively undemanding. We regard Strix shares as attractively priced, trading at single digit prospective EV/EBITDA (pre any IFRS16 impact) and P/E ratios, both of which seem too low. A 7.0p 2018 intended dividend implies an attractive 4.9% trailing yield.

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