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Spectris rated as 'sell' after Q1 miss

Sharecast

LONDON (ShareCast) - Spectris (Other OTC: SEPJF - news) was rated as a 'sell' by N+1 Singer Equity Research after reporting first quarter sales that missed forecasts. The company reported like-for-like sales growth of 1%, which was slightly below the broker's estimates. The instrumentation and controls company said sales to the pulp and paper industry were lower, particularly in Asia Pacific, and sales to the academic research sector also declined.

It was mitigated by growth stemming from acquisitions and a strong performance in Europe. Like-for-like sales grew by 10% in Europe, while North America and Asia Pacific fell 3% and 2% respectively.

"Given this early miss and our cautious view of industrial production growth for 2015, we have trimmed our assumption for LFL growth from 1.7% to 1.2%, resulting in a 2% reduction to our PBT and EPS estimates for 2015, 2016 & 2017," said N+1 Singer analyst Jo Reedman.

"We believe the group remains well-positioned for the longer term, but is unlikely to outperform in 2015 given its broad spread of end markets. With a 7% downside to our target price, we retain our 'sell' recommendation."