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Finncap have today increased their target price to 405p (from 339p) and say Buy: Http://investing.thisismoney.co.uk/broker-views/
Http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/ACL/13445477.html Changing the name tomorrow to reflect the transformed nature of the group to own design and manufacturing in high growth sectors. Very, very confident outlook: "Nick Jefferies, Group Chief Executive, commented: "This is a strong set of results. Sales increased by 21%, of which 9% was widespread organic growth across the Group, and underlying earnings per share increased by 24%. The second half has started well and we are on track to deliver full year performance in line with our expectations, supported by a record order book of �111m. Together with an increase in new project design wins of over 30%, with an estimated lifetime sales value of over �90m, we are well positioned for continued growth. Since 2011, we have been building a Design and Manufacturing business that would transform the Group into a higher margin business. D&M now accounts for 78% of Group underlying profit contribution.... ....We have many growth opportunities ahead of us as we drive towards our stated targets, and our ambition remains to repeat the performance of the last five years by doubling revenue and underlying earnings per share through a combination of organic growth and value-enhancing acquisitions." The highlights section says it all: "Highlights � Strong growth in sales, orders, profitability and earnings o Sales up 21% (+15% CER(2)) on orders up 22% (+15% CER) o Underlying operating profit up 34% (+23% CER) o Underlying earnings per share up 24% o Interim dividend increased by 8% � Wide spread organic growth across both divisions o Group organic sales(3) up 9%; orders up 10% in both divisions o D&M(4) organic sales up 11% - now 57% of Group sales (H1 2016/17: 52%) o Custom Supply (previously known as Custom Distribution)(4) organic sales up 7% � Good progress on key strategic and performance targets o Underlying operating margin increased to 6.2% (H1 2016/17: 5.6 %) o Cross selling of �4.2m, more than doubled from last year (H1 2016/17: �1.9m) o ROCE(5) of 14.5%, up 2.8ppts on last year (H1 2016/17: 11.7%) o Operating cash flow(6) at 95% of underlying operating profit in the last 12 months � Recent acquisition, Variohm, performing well with strong sales and order growth � Group well positioned for further growth o Highest ever period end order book of �111m (+16% CER) o New project design wins increased by 30% to over �90m(7) o Acquisition opportunities developing � FTSE sector reclassification from Support Services to Electronics and Electrical Equipment effective 18 September 2017 reflecting the scale of our D&M business"
spelling out the transition to own customised, higher margin products.... Http ://www.proactiveinvestors.co.uk/companies/news/185617/acal-building-momentum-with-its-higher-margin-strategy-185617.html?utm_source=Sign-Up.to&utm_medium=email&utm_campaign=7163-371381-Proactivity+-+23%2F11%2F2017 "Acal building momentum with its higher margin strategy 11:39 23 Nov 2017 The customised electronics firm said it has generated �good levels of organic growth� in the opening six months of its year, driven by new project wins and �favourable� market conditions Broker Peel Hunt is a buyer of the stock Peel Hunt reiterated its �buy� recommendation after the October trading statement, saying the momentum that started to build back in the fourth quarter of fiscal 2017 has continued through the first half of fiscal 2018. Organic revenue growth for the first half was 9%, which was thanks to a better trading backdrop, but Peel Hunt noted the group is also seeing an improvement in the quality of the order book. Shares in Acal PLC (LON:ACL) rose sharply at the opening bell on Monday after the customised electronics specialist revealed it expects full-year earnings to be ahead of expectations after a strong first half performance. The Guildford-headquartered group said it has generated �good levels of organic growth� in the opening six months of its year, driven by new project wins and �favourable� market conditions, particularly in continental Europe. �As a result, full year earnings are now anticipated to be slightly ahead of our expectations,� read this morning�s statement. The solid start is a continuation of the momentum Acal has been building in previous quarters. First-half total revenue jumped by 21% to �190mln for the six months ended 30 September compared with the same period last year (H1 16/17: �157mln). Organic sales in the Design & Manufacturing business � which accounted for 57% of the total revenue during the period � grew by 11%, while the Custom Distribution division saw sales rise by 7%. Group orders increased by 15% in the half, taking Acal�s forward order book to another record period end high. The group margin stabilised and was in line with the final quarter of last year, the company added. �The board is confident of making good progress through the rest of the year, continuing its established strategy of seeking high-quality revenue opportunities in our target markets, along with value-enhancing acquisitions.� Earlier this year, Acal agreed to buy out UK-based components manufacturers Variohm Holdings Limited in a deal which could be worth up to �13.85mln. Acal paid �12mln upfront, with a further �1.85mln payable should the new addition achieve certain growth targets and conditions. It is all part of a strategy to
Reads well re a new thermal imaging customer: Http://www.acalbfi.com/uk/articles/articlesContentPage/Pan-European-thermal-imaging-specialist--Acal-BFi--opens-the-potential-of-FLIRs-new-Lepton-3-micro-camera/NA-000767 "Pan-European thermal imaging specialist, Acal BFi, opens the potential of FLIR�s new Lepton 3 micro-camera Pan-European thermal imaging specialist, Acal BFi, opens the potential of FLIR�s new Lepton 3 micro-cameraAcal BFi, thermal imaging specialist and European leader in advanced technology solutions, is helping enable customers to easily access and design with FLIR�s Lepton� micro-thermal camera series, including the new Lepton 3. Joining Acal BFi�s range of FLIR solutions, including Boson� and Tau� cores, the recently announced thermal micro-camera offers outstanding performance in an ultra-compact package. As the pan-European technical design specialist for FLIR�s thermal camera cores, Acal BFi is a true �one-stop shop,� providing direct support and design consultancy services to customers. Acal BFi enables customers to develop customised designs for their innovative applications and products. Designers and engineers are now able to add the features, advantages and benefits of thermal imaging to applications and products which were, until now, unreachable due to size, weight, cost or power requirements. Combined with Acal BFi�s expert support and leading technology portfolio, thermal imaging and detection is now available to more sectors than ever before.... .....�With Acal BFi�s design support, customers can efficiently integrate the latest thermal imaging technology� Alex Schneider, Business Development Director of Acal BFi�s Photonics & Imaging Business Unit commented; �We are delighted to add Lepton cores to our portfolio of FLIR thermal camera solutions, alongside the Boson and Tau cores. Acal BFi technical support engineers will help OEM designers from more sectors and industries select the right thermal core, integrate it into new, innovative solutions and efficiently bring these to market.�
Edison produced a new report last month whilst I was on hols - it hasn't been posted here before, so FYI.... The suggested 35% discount to peers implies that ACL should be trading at almost 500p, compared to the current 320p: Http://www.edisoninvestmentresearch.com/research/report/acal249962/preview/ "Acal Trading update Sustained uptick in orders drives upgrades Acal�s H118 trading update confirms that strong demand continued into Q218. Both divisions saw a positive trading environment in H1 resulting in group organic revenue growth of 9% y-o-y and group reported revenue growth of 21%. We have raised our revenue forecasts for FY18 and FY19 to reflect stronger trading, which results in upgrades to our normalised EPS forecasts of 3.8% in FY18 and 3.7% in FY19. In our view, the sustained improvement in demand is not reflected in the share price." "Valuation: Discount to peers has widened On an FY18e P/E of 15.4x and FY18e EV/EBITDA of 9.3x, the stock is trading at a c 35% discount to the peer group average for both multiples, compared to a 25% discount when we last wrote in July. The share was recently reclassified from Industrial Support Services to the Electronic & Electrical Equipment sector, and is trading at a c 30% discount to the new sector P/E. The strong order book, combined with good progress in the strategy to grow the Design & Manufacturing side of the business, provides confidence in both the near-term and longer-term outlook for the company. Continued growth in the proportion of revenue generated from design and manufacturing should support operating margin expansion, and should help to reduce the valuation discount. The stock is also supported by a dividend yield close to 3%." "Valuation After this upgrade, Acal is trading at a 35% discount to its peer group on current fiscal year EV/EBITDA and P/E multiples. This has widened from the 25% discount when we last wrote in July."
Here's a couple of snippets from Finncap's note of 16th October. Note that at 319p, on their 25.2p EPS forecasts for the coming year starting 1/4/18, ACL are on a P/E of only 12.7: "In a positive H1 update, Acal has highlighted that trading has remained strong in Q2 and full-year earnings are now anticipated to be slightly ahead of management expectations. Our FY 2018E EPS forecast is 6% ahead of consensus and we leave our forecast of 19% EPS growth this year unchanged. Acal is set to report H1 organic sales growth of 9% supplemented by a further 6% from acquisitions and 6% from currency. With the short term P/E of 13.7x and dividend yield of 2.9% still attractive against the significant long-term market potential we remain positive on the shares." "Attractive valuation against long-term potential. We remain focused on the long-term potential for growth in a �20bn market, but the short-term metrics also remain attractive with a 13.7x P/E and 2.9% dividend yield. There is scope for us to increase our target price alongside our review of the results on 28 November."
Peel Hunt today reiterate their Buy and 360p target: Http://investing.thisismoney.co.uk/broker-views/
Looking set to push for new highs methinks. News - good to see ACL positioned for the Internet Of Things: Http://www.acalbfi.com/uk/articles/articlesContentPage/The-programmable-IoT-gateway-that-sets-a-new-standard-for-IoT-embedded-platforms/NA-000770 "The programmable IoT gateway that sets a new standard for IoT embedded platforms The Sierra Wireless FX30 is the industry�s smallest, most rugged, programmable, cellular gatewayThe Sierra Wireless FX30 is the industry�s smallest, most rugged, programmable, cellular gateway. Providing a secure, integrated, embedded application environment, the FX30 enables swift, scalable, global deployments of IoT applications utilising the 3G/4G LTE network. The flexible expansion card slot enables the use of multiple local area technologies to connect machines and infrastructures to the Cloud. Acal BFi are uniquely positioned to embedded these technologies in the FX30 during the production process, providing you with a true plug-and-play solution. Acal BFi have teamed the new Sierra Wireless FX30 with the Acal BFi Environmental Sensor Platform to produce this demonstration video of this new cellular gateway. See how quick and easy it is to send data from a field based location to the Cloud using just the FX30 in our video below....."
A new IC Buy tip article can be seen here, noting upside from the then 333p share price: Http://www.acal.co.uk/acal/uploads/featuredpress/acal-investors-chronicle-magazine-20-october-2017.pdf
I'm surprised that ACL's share price has barely risen since the "ahead of expectations" update. Numis have a 370p target and Peel Hunt have a 360p target. Finncap go for 339p, but say there's scope to raise that target post-results on 28th November. They currently go for 22.9p EPS this year and 25.2p EPS next year. The steady re-rating here will hopefully gather pace soon.
Here are some quick views on Acal Is this a competitive company? When a business talks about customise design and manufacture of electronics, you think of a high margin business. But operating margin is around 4%, which is small. Acal has two divisions and their profitable division is business design and manufacturing, which accounts for 52% of revenue �175.6m (2017) and employ 3,299 staff. Their custom distribution turnover �162.6m, but employ 443 staff. The division with the most staff earns the company a higher margin than the high expertise division where the staff are the high earners. The company is cylindrical and can suffer from falling demand. For example, sales can fall by 30% and the share price gets a pummelling. Have sales peaked? Sales haven�t peaked because Acal has been acquiring businesses in the last four years, as acquisitions total �87m. And that has shown in first-half revenue increasing by 21% (�33m) to �190m compared with last year (H1 2016/17: �157m). The question is: Will profit margin suffer due to numerous acquisitions? Valuation Looking at the PER (PE Ratio) is slightly above their 10-year historical average of 15 times comes to 18 times. Using the CAPE ratio (Cylindrical adjusted PE) this came to a record high of 30 times earnings. The 15-year average is 12 times. With revenue rising the market is expecting higher profits, so it is no wonder the share price is rising. Final Thoughts This isn�t a sector I specialise in, so can�t make any share price projection. Interested in other companies� updates and results, then click http://bit.ly/2ypK3dk
Hi rivaldo, I use to be in this share a fair while ago. I invested because I was impressed with their fuel cell for the automotive. Has this been put to one side now as I'm finding it difficult to find any recent news / reports on it. Nice and quiet this board unlike Phe.
Another new agreement from the last 2-3 weeks (dated 21st September): Http://www.acalbfi.com/uk/articles/articlesContentPage/Acal-BFi-signs-exclusive-pan-European-agreement-with-onboard-video-and-image-processing-system-specialist--SightLine-Applications/NA-000763 "Acal BFi signs exclusive pan-European agreement with onboard video and image processing system specialist, SightLine Applications Acal BFi has entered into an exclusive distribution agreement to provide advanced video processing products from SightLine Applications across Europe. SightLine�s advanced embedded systems deliver high performance video processing in compact, lightweight, low-power packages, which can now be integrated into more customer designs with the support and expertise of Acal BFi. SightLine�s suite of products is field proven and ideal for both aerial and ground based applications, including manned and unmanned systems. Deployed across many environments - including emergency response, forest fire detection, ISR missions, and wildlife observation - the technology has proven to be instrumental in the capture of critical data used to protect and save lives. When combined with Acal BFi�s extensive imaging and thermal core portfolio of solutions, including FLIR, for which Acal BFi is an official European solutions provider, SightLine�s products enable system designers to create truly innovative, complete imaging solutions. SightLine�s low size, weight, and power solutions add video stabilisation, scene and object tracking, detection algorithms, focus telemetry, multi-camera presentation, and image enhancement to a customer�s existing design, adding incredible value. Alex Schneider, Business Development Director at Acal BFi commented; �The addition of SightLine video processing hardware and software products to our thermal core and imaging portfolio represents a great opportunity for the fast moving civil and military surveillance market. SightLine modules are among the smallest available and provide critical functions like video stabilisation and the automatic detection and tracking of moving objects, bringing immediate value to security, surveillance and monitoring system designers� Mark Zanmiller, Business Development Director at SightLine Applications added �Acal BFi was uniquely positioned in the market to offer the level of customer support required to integrate our technology into customer designs. Acal BFi is also well established in the military and aeronautical marketplaces, providing innovative solutions to the industry. These can now be greater enhanced with our technology with the support from both Acal BFi and SightLine engineers.�"
News - great to see ACL'sw subsidiary described as "European leader in advanced technology solutions in photonics and lasers". Anyone invested in IQE will know all about the hyper-growth being experienced in these areas: Http://www.novuslight.com/qioptiq-announces-distribution-partnership_N7376.html "Qioptiq Announces Distribution Partnership Published on 9 October 2017 Qioptiq, an Excelitas Technologies company, announced a new distribution partnership with Acal BFi, the European leader in advanced technology solutions in photonics and lasers. This partnership effectively increases application support and enables more sectors to benefit from Qioptiq�s leading laser technology across Europe. Recognized on a global scale for its high-quality, ultra-stable solutions, Qioptiq designs and manufactures precision lasers to serve a wide range of applications across medical technology, life science, scientific research and discovery, advanced manufacturing, semiconductor, defense and aerospace. Supporting customers with three decades of technical expertise Acal BFi has supported customers in this market space with technical expertise for more than three decades, and is uniquely positioned in the market to advance customer designs with Qioptiq�s leading-edge laser technology. Together, Qioptiq and Acal BFi can develop and provide complex, custom laser solutions quickly and efficiently."
Peel Hunt today reiterate their Buy and 360p target price: Http://investing.thisismoney.co.uk/broker-views/
I've just seen a review of ratings in ACL's previous Support Services sector. The average current year EV/EBITDA is 12.5 - ACL's is only 8.8, and the lowest of all the 7 companies listed in the review. This falls to 8.2 next year. As for P/E, the average current year P/E is 20.2 - ACL's is 14.1, the second lowest. The average falls to 18.4 next year, with ACL's falling to 13.1, again the second lowest
Nice. New highs, and buying coming in at 330p and 332.25p now.
Http://www.fool.co.uk/investing/2017/07/22/two-high-growth-small-caps-id-buy-to-retire-on/ "Two high-growth small-caps I’d buy to retire on Small-cap investing can be a bit of a hit or miss venture, but I believe looking to smaller stocks that are less frequently covered by analysts can unearth some great companies whose shares trade at bargain prices while offering phenomenal long-term capital appreciation prospects. And I think I’ve discovered two such under-the-radar options in speciality electronics manufacturer Acal (LSE: ACL).... Exploiting its niche with aplomb Acal started out as a pure distributor of speciality electronics for customers in sectors as varied as photonics, communications, magnetics and sensors. But after years of serving as a go-between for manufacturers and customers, it realised there were gaps in the market that it could fill with its own products. And thus the company’s design and manufacturing (D&M) segment was born. This part of the business now accounts for over half of all sales and is growing at a rapid clip through organic expansion and acquisitions. In the year to March, sales from this division grew 28% year-on-year (y/y) to £175.6m and accounted for over 80% of the group’s £20m in underlying operating profit. On top of growing faster than group overage, operating margins of 11.5% last year were more than triple that of the distribution side of the business. Now, the distribution business still has a role to play in gathering market intelligence, providing a reliable sales outlet for the groups in-house products and increasing cross-selling from its myriad manufacturing companies. And for investors like myself who prefer their small-caps profitable and with a healthy balance sheet, its relatively small £30m in net debt presents a very manageable sum. With a great record of organic and acquisition-led growth, rising margins and a respectable 2.8% dividend yield, I believe Acal is a great business trading at a very reasonable valuation of 13.7 times forward earnings."
Peel Hunt and Finncap have today retained their 360p and 339p target prices for the moment. I'd expect them to increase these assuming the next trading update in October is as good as today's. Here's Finncap's brief summary today FYI: "Strong organic progress BUY Acal has confirmed the year has started well with Q1 organic sales growth of +9%. At constant exchange rates, total sales were up +14%. While Q1 last year was relatively weak in the Custom Distribution division, this is an encouraging performance, and with order intake up 21% CER and 15% organically the outlook is also positive. Organic growth rates were similar in both the Design & Manufacturing and Custom Distribution divisions and we understand across countries and industries. Variohm, acquired in January, doubled Acal’s sensors capability and continues to perform well. Sensors are a product segment we expect to produce strong results as the digital transformation of industry continues. With the FY 2018E P/E of 13.1x attractive against our expectation of 11% average annual EPS growth over the next three years (and the P/E a 24% discount to peers) we reiterate our Buy recommendation."
ACL ACAL PLC.........6 month and 2 year breakout on upbeat update this morning. Ive dipped in especially after checking the financials which going forward will only get better. Looks very cheap imo. Nick Jefferies, Group Chief Executive commented: <b><i>"We have had a good first quarter with widespread sales growth. Additionally, our order book has grown further which will drive sales growth in the year ahead. We are confident of delivering further progress through the year."</i></b> http://uk.advfn.com/p.php?pid=legacydaily&epic=L^ACL&type=4&size=2&period=4&ind_type1=1&ind1_1=&ind2_1=&olx_1=3&ma_type1=3&o_1maday1=25&o_2maday1=&o_colour1=1&olx_2=3&ma_type2=3&o_1maday2=50&o_2maday2=&o_colour2=2&olx_3=3&ma_type3=3&o_1maday3=200&o_2maday3=&o_colour3=3&scheme=&delay_indices=DELAYED_INDICES http://uk.advfn.com/p.php?pid=legacydaily&epic=L^ACL&type=4&size=2&period=7&ind_type1=1&ind1_1=&ind2_1=&olx_1=3&ma_type1=3&o_1maday1=25&o_2maday1=&o_colour1=1&olx_2=3&ma_type2=3&o_1maday2=50&o_2maday2=&o_colour2=2&olx_3=3&ma_type3=3&o_1maday3=200&o_2maday3=&o_colour3=3&scheme=&delay_indices=DELAYED_INDICES <b>Acal broker views</b> Date Broker Recommendation Price Old target price New target price Notes 25 Jul 17 Peel Hunt Buy 308.00 360.00 360.00 Reiterates 25 Jul 17 finnCap Buy 308.00 339.00 339.00 Reiterates Acal plc is a European leader in design, manufacture and distribution of specialist electronic products for the industrial and healthcare sectors. It is the only such provider with an infrastructure to deliver a broad range of specialist products and bespoke solutions across Europe. Acal's strategy is to further enhance its leadership position through organic growth, complementary acquisitions and continued enhancement of its custom service capabilities. It has completed eight acquisitions in the last five years, increasing its specialist revenue more than four fold. Acal has operating companies across Europe including the UK, Germany, France, the Nordic region, Benelux, Italy, Poland and Spain as well as in Asia (China, India, Sri Lanka and South Korea), the US and South Africa. Businesses comprise Acal BFi, Hectronic, MTC, Myrra, Noratel, RSG, Stortech and Vertec. nb, ACL Financial forecasts not yet updated after trading update this morning. Acal PLC FORECASTS 2018 2019 Date Rec Pre-tax (£) EPS (p) DPS (p) Pre-tax (£) EPS (p) DPS (p) Numis Securities Ltd 24-07-17 BUY 21.20 20.90 8.76 23.70 23.30 9.02 Peel Hunt LLP 21-07-17 BUY 21.06 21.67 8.90 23.02 23.02 9.30 Edison 20-07-17 None 20.70 20.60 8.90 22.10 21.70 9.30 FinnCap 19-07-17 BUY 22.90 22.90 9.00 25.30 25.20 9.60 2018 2019 Pre-tax (£) EPS (p) DPS (p) Pre-tax (£) EPS (p) DPS (p) Consensus 20.
Breaking out to new 2-year highs now. Sadly most people here only seem interested punting their money on the next big thing in oil or natural resources rather than growing, profitable companies which have transformed their operations to become global leaders in their niche. Oh well, their loss :o))
which should propel the share price forward very nicely. The order book is really surging, 21% up on last year. Trading is "strong", momentum is "continuing" - the sentiment here is extremely positive: Https://www.investegate.co.uk/acal-plc--acl-/rns/trading-update/201707250700029386L/ "First Quarter Trading Update Acal plc (LSE: ACL, "Acal" or the "Group"), a leading international supplier of customised electronics to industry, today issues a trading update for the first quarter of the financial year ending 31 March 2018, covering the period from 1 April 2017 to 30 June 2017. Trading in the first quarter has been strong with the momentum seen in the final quarter of last year continuing. First quarter revenue for the Group was 14% ahead of last year at constant exchange rates1 ("CER") and ahead 9% organically2 with similar organic growth rates in both the Design & Manufacturing and the Custom Distribution divisions. Order intake for the first quarter was also strong, growing by 21% CER and 15% organically, again with similar growth rates in both divisions, lifting the Group's forward order book to another record high and positioning the Group well for further growth. First quarter gross margin remained strong and in line with the final quarter of last year. As expected, it was lower than last year reflecting currency impacts on UK import costs from the fall in Sterling following the UK's European referendum. Variohm, which was acquired in January 2017, continues to perform well, and cross-selling between our two divisions delivered good growth in the first quarter. Nick Jefferies, Group Chief Executive commented: "We have had a good first quarter with widespread sales growth. Additionally, our order book has grown further which will drive sales growth in the year ahead. We are confident of delivering further progress through the year."
Tipped... Http://www.aol.co.uk/money/2017/07/17/2-hot-value-stocks-for-growth-and-dividend-hunters/ "2 hot value stocks for growth and dividend hunters By The Motley Fool 17 Jul 2017, 12:19 Investor appetite for Acal(LSE: ACL) shows no signs of slowing down. Just today the electronics play hit new record tops north of 300p per share, taking total gains during the past three months to 29%. This comes as little surprise as sales volumes accelerate and Acal banks the benefits of sterling's slide. The business saw revenues glide 18% higher in the year to March 2017, it advised last month, to £338.2m. On an organic basis revenues rose 6%, the small-cap witnessing improving sales and order growth as the year progressed. And Acal's record order book of £109m as of March -- up 22% at real exchange rates or 13% organically -- suggests that revenues should continue to pound higher. Profits hero It comes as little surprise that the City expects Acal's long-running growth history to continue with earnings rises of 8% in the years to March 2018 and 2019 respectively. As a consequence, Acal changes hands on a forward P/E ratio of just 14.1 times, falling comfortably within the widely-considered value territory of 15 times or under. This is striking value given Acal's improving momentum. Those seeking access to hot dividend growth dynamos need to give special attention to the Guildford firm too. Last year's 8.5p per share is anticipated to march to 9.3p in the present period, and to 9.7p during fiscal 2019. Subsequent dividend yields clock in at a very-handy 3.1% and 3.2% for this year and next. And I expect shareholder rewards to keep marching higher in line with profits."
after buying at 305p.
Peel Hunt today reiterate their Buy and 360p target: Http://investing.thisismoney.co.uk/broker-views/ Also a nice mention for ACL in a Shares Mag feature on the top performing companies in its sector: Https://www.sharesmagazine.co.uk/news/shares/top-performing-support-service-companies "Niche electronic components manufacturer Acal (ACL) released a strong set of preliminary results earlier this month for its year ending 31 March. The company has transitioned from a distributer to a manufacturer of specialised items such as those needed in CAT scanning machines. Acal has also been driving through cost savings such as removing an entire level of management."