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Genuit Group

LN: GEN

Market Cap£946m

Last Close 379.5p

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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Investment summary

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 01/07/2022
Content on Genuit Group
Genuit Group – Outlook maintained
Industrials | research Update | 2 December 2021
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Genuit Group – Positive trading momentum continues ytd
Industrials | research Update | 28 May 2021
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Polypipe – Acquisitions feed into FY21 earnings recovery
Industrials | research Update | 26 February 2021
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Share price graph
Balance sheet
Forecast net debt (£m) 142
Forecast gearing ratio (%) 23
Price performance
%
1m
3m
12m
Actual (17.5) (22.9) (37.9)
Relative* (12.8) (17.8) (36.0)
52-week high/low 801.0p/379.5p
*% relative to local index
Key management
Joe Vorih CEO
Paul James CFO