Thrace Plastics - Making strong progress

FY20 has started well for Thrace, building on prior year actions and servicing a sharp uplift in demand for its fabrics used in medical sector applications. A strong margin and cash inflow performance were the financial highlights of the first half and the company is investing in growth areas. On reinstated estimates - more than double previous levels - Thrace-s valuation is very low on conventional metrics, while reverse DCF inputs to derive the current share price appear overcautious in our view.

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