Polypipe (PLP)

Business description

Polypipe is one of Europe's largest and most innovative manufacturers of plastic piping systems for the residential, commercial, civils and infrastructure sectors by revenue. The recently acquired Nuaire business is a leading designer and manufacturer of energy efficient ventilation systems for the residential, commercial and industrial sectors in the UK. The Group operates from nineteen facilities in total, and with over 20,000 product lines, manufactures the United Kingdom's widest range of plastic piping systems for heating, plumbing, drainage and ventilation. The Group primarily targets the UK, French and Irish building and construction markets with a presence in Italy and the Middle East and sales to specific niches in the rest of the world.

Y/E Dec Revenue (£m) EBITDA (£m) PBT (£m) EPS (p) P/E (x) P/CF (x)
2014A 327.0 60.8 37.6 16.1 21.9 13.9
2015A 352.9 69.3 48.0 19.4 18.2 9.7
2016E 428.0 86.2 61.3 24.6 14.3 8.6
2017E 447.5 90.8 65.5 26.2 13.5 8.0

Last updated on 15/03/2017

Latest research

Aligned with the times

Initiation | General Industrials | 15/03/2017

Sector leaders

QuickView | General Industrials | 25/11/2016

Investment summary

We expect forthcoming FY16 results (30 March) to highlight the strength of Polypipe’s model with a strong y-o-y uplift in earnings and good cash generation. The company is well positioned and aligned with long-term UK government policy direction and we expect greater clarity to benefit this industry leader. Translating this to earnings growth above the peer average will be key to sustaining a premium rating.

Last updated on 15/03/2017

Company address

United Kingdom