Genuit is a leading supplier of largely plastic building products and systems. Operations in the UK (c 90% of revenue) address a broad range of sectors including residential, commercial and civil building demand and a number of subsectors within them.
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Genuit announced FY21 PBT norm of £91.1m (EPS 30.2p) at the upper end of expectations and ahead of our £86.7m (28.6p) expectation. Like-for-like revenue growth was 12.9% supplemented by acquisitions to 33% on a reported basis and the mix was slightly more in favour of Commercial & Infrastructure than we had anticipated. Residential Systems generated the EBIT outperformance, including a 19.3% full year margin. The declared FY dividend of 12.2p was slightly above our estimate and core net debt was in line at £145m (pre IFRS 16). Our estimates are under review.
Y/E Dec |
Revenue (£m) |
EBITDA (£m) |
PBT (£m) |
EPS (p) |
P/E (x) |
P/CF (x) |
|---|---|---|---|---|---|---|
| 2019A | 447.6 | 99.1 | 70.8 | 29.2 | 13.0 | 8.5 |
| 2020A | 398.6 | 63.4 | 35.7 | 13.3 | 28.5 | 13.5 |
| 2021E | 593.0 | 118.8 | 86.7 | 28.6 | 13.3 | 9.3 |
| 2022E | 604.3 | 128.3 | 94.3 | 31.1 | 12.2 | 7.7 |
Industry outlook
The Construction Products Association projections include a strong post COVID-19 rebound in 2021 followed by 4.8% in 2022.
Last updated on 01/07/2022Content on Genuit Group
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Industrials
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Share price graph
Balance sheet |
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| Forecast net debt (£m) | 142 |
| Forecast gearing ratio (%) | 23 |
Price performance
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Key management |
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| Joe Vorih | CEO |
| Paul James | CFO |