Link to 1st article: http://www.stockopedia.com/con...

I thought i'd take 20 minutes to pen a piece on Alumasc Group. This £60m company has seen its share price largely unchanged versus the start of the year, and currently trades at 164.5p on the ask, though it has traded to north of £2 around the end of February/early March.

So who are Alumasc? Alumasc are a construction components supplier, covering facades, solar shading, water management solutions, balconies, and a whole range of other products. Moving forward, names to note in terms of brands (that do not include Alumasc) are Gatic (drainage) and Levolux (solar shading/screening/balconies/balustrades). They provide for all sorts of projects, and perform installation in many cases. Across the board, brands are generally ranked 1-4 by market share.

This is one I've started to nibble at the last few days, and see good support at a base of 160p (though think the current ask price is more than attractive). My target jere is 250p, and that would only align it closer to peers for what I see as, A) growth going up a gear driven by exports and growth in Gatic and Levolux divisions, B) higher-than-average earnings quality, C) a company focused on growth niches within the construction sector.

I think the price retreat now sets Alumasc solidly into GAVRP territory (v for very), and before we go further into the fundamentals, so does the management team. Prior to entering the close period management have been buying stock, and at prices decently higher than where we are today. NED Pither bought £5.5k at 184p in March, then his related party bought £11k in June at 186p. More interesting than those, was the near £90k purchase by the CEO on June 20th at around 176p. So at least the CEO is putting money where his mouth is. Anyway, moving on.

To get a feel for some of their more visible products, I did some tangible product-led research last week. I travelled around London yesterday to view a few recent Levolux developments (Blackfriars, The Halo Building, F Crick Institute, and 2 more). I was very impressed by the quality of the fit-outs and puts their ability to generate very high returns on capital and retain high margins into perspective.

OK so straight onto the financials. At the ask price, the stock trades on a consensus forward PE…

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