Company Profile

IMI is a global supplier of fluid and motion control valves and actuators across five high growth end markets. Past investment in operational improvement and product innovation has been driving organic growth and reducing cyclicality. We expect further benefits to come, making the 5% organic revenue growth, 20% adjusted operating margin and 90% cash conversion targets highly achievable. IMI management is consistent and well-regarded. Achieving its financial targets would put it on a par with its larger US peers, which trade at a significant valuation premium. We see scope for this gap to continue to close.