28 February 2019
By Maynard Paton
Results verdict on Tristel (TSTL):
- Very satisfactory double-digit growth supported by encouraging progress both within the UK and abroad.
- A new product and a recent acquisition offer attractive medium-term potential.
- Continued bungling of the US regulatory project raises awkward questions about the associated consultants and decision-makers.
- Accounts remain in good shape with high margins, net cash and conservative reporting of ‘one off’ costs.
- Valuation remains understandably rich with an underlying P/E of 26. I continue to hold.