Acal (ACL)

Business description

Acal is a leading international supplier of customised electronics to industry. It designs, manufactures and distributes customer-specific electronic products and solutions to 25,000 industrial manufacturers.

Stock data

Market cap.£153.5m
Last close217.25p
High / Low (52 weeks)280.0p / 204.5p
Stock market listingLN
Forecast net debt (£m)42.7
Forecast gearing ratio (%)40
TeamTechnology
SectorTechnology

Price performance

%1m3m12m
Actual(1.5)(3.4)(12)
Relative *(2.6)(7.4)(25.1)

* % Relative to local index

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Company news

Acal agrees acquisition of Variohm to expand design and manufacturing business

Fri, 20 Jan 2017 07:34:49 GMT

Acal, Eland and Tharisa among Peel Hunt's top value plays for 2017

Tue, 10 Jan 2017 11:35:18 GMT

Acal brings in new director as it looks to accelerate M&A activity

Mon, 06 Mar 2017 08:26:15 GMT

Acal chief executive Nick Jefferies eyes further acquisitions

Tue, 02 Jun 2015 13:57:11 GMT

Proactive news round-up: Sound Energy, Matals Exploration, Acal ...

Tue, 29 Nov 2016 16:30:00 GMT

Investment summary

Acal’s acquisition of Variohm adds the first specialist sensor business to Design & Manufacturing and moves the company closer to its mid-term target of generating 75% of revenues from the division. The acquisition, costing up to £13.85m in cash, was funded by the recent placing of 6.42m shares at 220p per share. Management expects the deal, together with the placing, to be earnings enhancing in FY18 and we lift our normalised FY18e EPS forecast by 3.4%. The stock is trading at a c 30% discount to its peer group, representing a good entry point in our view.

Last updated on 02/03/2017

Y/E Mar Revenue (£m) EBITDA (£m) PBT (£m) EPS (fd) (p) P/E (x) P/CF (x)
2015A 271.1 16.6 12.4 16.4 13.2 19.0
2016A 287.7 19.8 15.2 17.8 12.2 9.4
2017E 326.0 22.7 16.8 18.4 11.8 12.8
2018E 353.3 26.2 20.0 20.0 10.9 7.6

Last updated on 01/03/2017

Latest video

Executive Interview - Acal

Industry outlook

Acal is a supplier of customised electronics to industry with operations throughout Europe and increasingly outside Europe. Its solutions are used in both the design and production phases of a customer’s product. Design activity tends to be technology driven, whereas production activity is more geared to general economic conditions. The company is focused on growing the percentage of higher-margin specialist product through organic growth and acquisition.

Last updated on 02/03/2017

Key management

Richard Moon, Chairman
Nick Jefferies, CEO
Simon Gibbins, FD
Joanna Madge, Group Company Secretary Designate
Gary Shillinglaw, Corporate Secretary

Company address

2 Chancellor Court
Occam Road
Surrey Research Park
Guildford
GU2 7AH
United Kingdom
+44 (0) 1483 544 500
View website