Spirax Group PLC

SPX: XLON (GBR)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	GBX 8,451.00	Ywbf	Gwmzjwzm

Spirax-Sarco’s First-Half Results Meet Our High Expectations; Shares Are Fairly Valued

Matthew Donen

Aug 11, 2022

Wide-moat Spirax-Sarco delivered an impressive first-half performance, delivering organic revenue growth of 15%, comfortably exceeding global industrial production growth of 2.9%. Growth was broad-based; however, Watson-Marlow continues to be the best performing segment, which grew 26%, driven by 30% sales growth to pharmaceutical customers, which account for 60% of the segment’s sales. The order book across all three businesses remains at all-time highs, which we anticipate will continue to support above-industry growth during the remainder of the year. We reiterate our GBX 11,800 fair value estimate and view shares as fairly valued.

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