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Nov 7 2024, 08:29 GMT
IMI plc
Q3 as expected, significant valuation upside
- Sectors : Capital Goods
- Companies : IMI plc
DAVY VIEW
IMI has delivered a resilient Q3 trading update, with a continuation of mixed end markets. Full year guidance has been reiterated despite FX volatility. The £100m share buyback has now completed and we see scope for another £100m in H125 if no larger acquisition is found. The shares continue to look too cheap, trading on 12x PE and 8x EV/EBITDA. We reiterate our ‘Outperform’ rating and price target of 2,500p.
