JOHN MESSENGER | RBS
With year to date trading positive and its starting valuation undemanding ahead of potential consensus upgrades if market share gains continue, we re- iterate our ‘buy’ rating. The full-year dividend at 15p is in line, net debt at £774m is below our estimates.
KEVIN LAPWOOD | SEYMOUR PIERCE
All in all the year turned out far better than we, or the company, had dared to believe this time last year. The company appears to be more positive about the outlook than it was last year. On our current numbers, the shares
are trading on a prospective price to earnings ratio of 12.4 times full-year.
ANDY BROWN | PANMUREThese are good full-year results from Travis Perkins. It has gained market share, maintained a healthy operating margin and remains well positioned to continue to deal with tough markets. The benefits of the BSS acquisition will be seen in the current year. We maintain our positive ‘buy’ stance.