Equity Analysis /
United Kingdom

GB : Electrocomponents - Continuing to take share

    James Allen
    James Allen

    Analyst - Support Services & Special Situations

    Sanjay Vidyarthi
    Joe Brent
    15 April 2021
    Published by

    Electrocomponents delivered a stronger than expected Q4 and continues take market share in Industrials. We increase FY21E adj. PBT by 2.8%, based on management guidance. We increase FY22E by a cautious 1.6%, with continuing freight costs and FX weighing, despite the expectation of strong sales momentum. However, we think the risks are to the upside as the year progresses, given the strengths of the digital model. We expect further synergistic acquisitions. TP raised from 11100p to 1170p. Buy.