Elektron Technology – 23p

Report dated – 18 November 2011
Market capitalisation – £24.5m
Sector – AIM – Electronic & Electrical Equipment
Prospective p/e ratio – 6.3x
Prospective dividend yield – 4.3%

Elektron Technology is a global technology group with manufacturing locations in the UK, Tunisia and China although the group’s products are distributed in 125 countries. The group operates in high margin niche markets and owns 15 brands in the engineered products sector. Although the latest trading statement is disappointing, the shortfall in revenues is due to problems in the eurozone and not because of anything that the company itself has done wrong. The prospective p/e ratio of just 6.3x and yield of 4.3% make the shares look cheap on a medium term view and we have set a share price target of 55p.

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