Sep 15th 2011 - Equity Development today published a report on Elektron Technology (EKT.L, LSE:EKT, LON:EKT) entitled "Progress On Track". In summary, the report says:
Elektron Technology (Elektron) is a UK-based company with a global reach, which manages, exploits and develops its technologies within the Fast Moving Engineered Products (FMEP) sector.
Boosted by the acquisition of Hartest in September 2010, H1 sales increased by 67% to £34.4m. Underlying earnings per share (adjusted for non-recurring and special items) increased by 6% to 2.38p. These results were in line with market expectations.
Elektron remains on an unjustifiable discount to its peer group given its upside growth and re-engineering potential.
Our target price remains 68p; double the current share price.
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