12 December 2019
By Maynard Paton
Results summary for Tristel (TSTL):
- Record annual figures for the sixth consecutive year, supported by satisfactory progress both within the UK and abroad.
- The underlying performance was complicated by Brexit stock-piling, an acquisition, US regulatory costs and option expenses.
- The publication of new three-year financial targets was impressive, and suggested the company could grow organically at 10-15% per annum.
- The accounts are still healthy with high margins, net cash and respectable cash generation.
- The valuation remains understandably rich with an estimated underlying P/E of 30. I continue to hold.