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De La Rue

Keeping it real

Initiation | Industrial Support Services | 14 Jan 2019

De La Rue continues to pursue a strategy that is transitioning the company to a less capital-intensive operation with a more diverse customer base and revenue streams, incorporating more embedded technology and IP. Underlying progress is apparent although masked by the disposals and the recent loss of the UK passport contract. The strengthening of the balance sheet enables appropriate M&A to augment what we expect to be a resumption of organic sales growth from FY21. The current rating implies scepticism but this should improve as growth prospects are recognised. In the meantime, the healthy dividend yield provides support for investors.

De La Rue

Executive interview – De La Rue

Edison TV: | Industrial Support Services | 14 Jan 2019

Founded in 1813, De La Rue is one of the world’s largest independent security printers. It prints both paper and polymer banknotes and has designed 36% of the note denominations in circulation globally. It also supplies ID documents, revenue and brand protection products. Importantly it develops and supplies the products and security features that assure the validity of the product or people with which they are associated, and software products that support them. Headquartered in Basingstoke, Hampshire, the company employs c 2,750 people with three UK manufacturing sites and four overseas in Malta, Kenya, Sri Lanka and the US.

De La Rue

Increasing focus on security features

QuickView | Industrial Support Services | 29 Nov 2018

H119 results demonstrate that management is delivering to its strategy. Strong order cover across the group suggests a sharp recovery in H219, enabling management to maintain expectations that it will meet market consensus. Longer-term contract wins also support the expectations for growth of the ongoing activities, passports aside. The shares trade on an undemanding 10.4x FY20e PER, supported by a healthy yield.