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RBC Capital upgrades Genuit to 'outperform' on growth potential
(Sharecast News) - RBC Capital Markets upgraded Genuit on Wednesday to 'outperform' from 'sector perform' as it said the company was geared for growth. The bank said that Genuit - formerly Polypipe - is a high quality company with a strong management team, that is geared for growth as underlying markets are being revived by regulatory tailwinds through 2026E+.
"While we expect more of the same from underlying markets through year-end 2025E, 2026E should progressively improve with positive impacts from key regulatory drivers - the AMP8 program, the Future Homes/Buildings Standard, and the UK government new homes target," RBC said.
"With minor changes to our forecasts post H125 results and remaining cautious through year-end in expectation of another UK-government update in October, our discounted cash flow-based 505p price target is unchanged."
RBC said this was "a good entry point with GEN trading at 11x/10.2x C2025E/26E EV/adjusted EBIT, a discount to peers (13.8x/12.2x) and to its 5-year average of 12.5x".
Genuit makes plastic piping systems for use in the residential, commercial, civils and infrastructure sectors.
At 0835 BST, the shares were up 2.4% at 378.50p.
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