Halma PLC

HLMA: XLON (GBR)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	GBX 8,575.00	Bqzssn	Xfzlqvxf

Halma: Full-Year Guidance Might Be Conservative Following Solid Trading Update

Matthew Donen

Sep 26, 2024

We maintain our GBX 2,600 for narrow-moat Halma after reviewing its first-half trading update. First-half order intake is up year over year and growing ahead of revenue, which is underpinning "good" organic revenue growth, although no figures were provided. Full-year guidance of good organic revenue growth and adjusted EBIT margin of around 21% was unchanged. We think its EBIT margin guidance could be on the conservative side, given modest margin improvement during the first half. Shares currently screen as fairly valued.

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