Berenberg ups Tyman to ‘buy’, says stock is cheap

Berenberg upgraded Tyman on Wednesday to ‘buy’ from ‘hold’ and hiked the price target to 360p from 250p after the company’s first-half results a day earlier.

The bank said the H1 numbers were in line with expectations, with management also guiding for FY operating profit to be at the top end of market expectations.

"Macro conditions were clearly challenging through H1, with performance amplified by tough comps and significant industry de-stocking along with negative operating gearing on lower volumes," it said.

"However, we think North American margin delivery was impressive, Lawrence Industries looks an interesting acquisition, H1 2023 should mark the bottom of the cycle across all three divisions, and at 9.5x FY 2024 P/E and 6.8x EBITDA, the stock is cheap."