Hardman & Co Research: Reassuringly robust
Neodecortech (NDT) shut its main plants for several weeks in March/April, but has traded strongly since reopening. We have cut our 2020 forecasts significantly, but see 2021 bouncing back close to 2019 levels. NDT trades at a ca.36% EV/EBITDA 2021E discount to its nearest peers - an 8% increase since February. We would expect this to narrow, aided by the move to the Main Market, which was completed in May.
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About Hardman & Co: For the past 25 years Hardman has been producing specialist research designed to improve investors' understanding of companies, sectors, industries and investment securities. Our analysts are highly experienced in their sectors, and have often been highly rated by professional investors for their knowledge. Our focus is to raise companies' profiles across the UK and abroad with outstanding research, investor engagement programmes and advisory services. Some of our notes have been commissioned by the company which is the subject of the note; this is clearly stated in the disclaimer where this is the case.
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