Victrex Plc: Risk & opportunity?

研报英文原文证据摘录

Victrex Plc: Risk & opportunity?

Deutsche Bank Group

Deutsche Numis Research

Rating Company Date

Hold Victrex Plc 13 May 2026

Forecast Change

Europe

United Kingdom

Reuters Bloomberg Exchange Ticker Price at 12 May 2026 (GBP) 579.00

VCTX.L VCT LN LSE VCTX

Price Target (GBP) 600.00

Chemicals

Specialty Chemicals ADR ISIN 52-week range (GBP) 820.00539.00-

VTXPY US92647H1086

Risk & opportunity?

Valuation & Risks

Kevin Fogarty

Challenges to a constructive investment view Research Analyst

The FY26 dividend yield of 10.2% is the key investor attraction. However, our +44-20-7545-4619

forecasts imply Victrex is on track for its 4th consecutive year of earnings

contraction in FY26. Self-help initiatives have only just started, and could have Key changes

implications for capital allocation, presenting risks to an investment case centred 780.00 to

TP ↓ -23.1%

on income attraction, in our view. 600.00

DB EPS (GBP) 47.62 to 37.42 ↓ -21.4%

Sequential progress in Q2, with full-year outlook lowered Revenue (GBPm) 304 to 298 ↓ -1.9%

H1 26 results that include sales volumes of 2,137 tonnes (+6% YoY) & Group Source: Deutsche Bank

revenue of £147.1m (+1% YoY), yielding adj. PBT of £19.0m (-18% YoY) and

Price/price relative

underlying EPS of 17.2p (-24% YoY), showed sequential progress in Q2, though

illustrate continued challenged financial delivery, and management expects to

deliver FY26 adj. PBT within the range of £42-44m (FY25: £46.4m). 2000

Forecasts & valuation conservatively positioned? 0

2024 2025 2026

Lowering our FY26 adj. PBT estimate to £43.5m, from £50.3m previously, drives a

revised adj. EPS forecast of 37.4p/share from 47.6p/share. Our repositioned FY26/ Victrex Plc – (Rebased)

FY27/FY28 adj. EPS estimates are 61%/53%/48% below the last earnings peak, Performance (%) 1m 3m 12m