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FY17 results: Growth continues

Update | General Industrials | 06 Mar 2018

2017 was another year of healthy growth extending Datron’s powerful recovery following the years of economic crisis. On the basis of management guidance for the current year, the shares trade at 15.0x earnings. Further growth is expected in 2019 which could drive margins to the previous level of 10% and beyond.


Investment pays off

Update | General Industrials | 13 Sep 2018

DATRON has built on a strong start to the year to deliver positive H118 results. While not strictly comparable owing to first group accounts, EBIT all but doubled thanks to sustained buoyancy in its largest business, CNC milling machines (revenue up 14%), and strict cost control (trading margin 9.0% vs 5.6% y-o-y). Despite a tightening of US trade policy, such momentum and management expectations of an export-led rise in order intake in the second half reinforce confidence in newly confirmed guidance for 2018 (revenue up 9% at c EUR 55m and EBIT up 30% at c EUR 5m). Finances remain disciplined (c EUR 7m net cash at June 2018).


Building on success

Update | General Industrials | 29 Jun 2018

Confirmation of a “very successful” start to 2018 is reassuring, given a softening in H217 after marked progress in the preceding half. Albeit from a low base and not strictly comparable, EBIT in Q118 more than trebled, thereby underpinning management guidance of a full-year outturn once again up by a third, after adjusting for 2017 exceptionals. Prospects are also positive for next year as consensus forecasts of a further 10% rise in revenue on a tight cost base drive trading margin to 10%, which management regards as a “realistic target” (9% 2018e and only back to pre-crisis level). Despite investment (8% of 2017 sales) finances are robust.


A strong niche player

Initiation | General Industrials | 05 Oct 2017

Datron is a technologically advanced and innovative engineering company addressing the market for high-speed milling equipment and supplies. It is currently underrepresented in international markets, which creates the prospect for incremental growth. Sales of replacement tools for its own and third-party machines are another source of potential revenue growth. This should drive restoration in profit margins to pre-crisis levels of near 10% at EBIT level attained in 2011 and beyond.