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.£193.4m
Last close273.63p
High / Low (52 weeks)280.0p / 204.5p
Stock market listingLN
Forecast net debt (£m)N/A
Forecast gearing ratio (%)N/A
TeamTechnology
SectorTechnology

Price performance

%1m3m12m
Actual8.325.08.4
Relative *5.019.7(9.8)

* % Relative to local index

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Company news

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

Tue, 10 Jan 2017 11:35:18 GMT

Acal agrees acquisition of Variohm to expand design and manufacturing business

Fri, 20 Jan 2017 07:34:49 GMT

Electronics group Acal to beat expectations after strong finish to the year

Wed, 19 Apr 2017 13:21:11 GMT

Acal plc (ACL) Given Buy Rating at FinnCap

Wed, 24 May 2017 15:11:15 GMT

Acal's Nick Jefferies 'very pleased' with strong fourth quarter performance

Wed, 19 Apr 2017 09:11:15 GMT

Investment summary

Acal saw strong trading in Q417, with organic growth in both divisions further boosted by currency. 13% organic order growth in Q417 positions the company well for FY18. Acal reduced net debt significantly, with net debt/EBITDA falling to below 1.5x at the end of FY17. We have revised our forecasts to reflect the stronger trading environment, upgrading EPS by 3.4% in FY17 and 2.3% in FY18. With the recent hiring of an M&A director, we expect to see more bolt-on acquisitions, which should further boost earnings growth. Despite some recovery in the share price, in our view the stock still represents good value.

Last updated on 02/05/2017

Y/E Mar Revenue (£m) EBITDA (£m) PBT (£m) EPS (p) P/E (x) P/CF (x)
2015A 271.1 16.6 12.4 16.4 16.7 23.9
2016A 287.7 19.8 15.2 17.8 15.4 11.9
2017E 335.8 23.1 17.4 19.0 14.4 10.5
2018E 364.3 26.5 20.3 20.3 13.5 9.3

Last updated on 26/04/2017

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 02/05/2017

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