Strix yesterday reported 2% growth YoY in adjusted profit after tax for its year ended 31 December 2020. As expected, there was a ‘marked recovery’ in H2 and that improvement seems to be continuing into 2021 with some seasonal uplift in Q4. There is also the benefit of some healthy order book visibility for Q121, which should underpin investor confidence on the FY21 outlook. In the current year Strix will also consolidate a full year of performance from LAICA, acquired in October 2020.
Strix’s share price has now more than doubled from the lows in March 2020, as investors noted its COVID resilience, income attractions, commitment to ESG best practice and scope for further growth. There has been a material, but deserved, rerating - so on ED forecasts Strix shares trade on 16.4x PE 2020 and 15.3x PE 2021; 14.1x EV/EBITDA 2020, and 12.9x EV/EBITDA 2021.
We are confident that these ratings can expand further as investor awareness grows of the ‘new’ Strix equity growth story.
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