The Q1 results point to another year of solid revenue growth and further EBITA margin expansion. While SinnerSchrader’s P/E rating has caught up with its peer group, we see scope for further ratings expansion given the solid organic growth outlook, strong balance sheet and the strategic value SinnerSchrader (SZZ) may hold in a consolidating segment. The c 3% dividend yield (up 70bp) should also provide strong support.

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