Xaar’s trading update reported that trading in the key ceramics segment has stabilised in recent months. Given the deterioration witnessed over Q2/Q3, this comes as a welcome end to a difficult year. The rating does not look demanding given the growth potential, IP and cash generation. Evidence of a more prolonged stabilisation in ceramics and customer progress with direct-to-shape and Thin Film are the key catalysts for a more sustainable share price recovery.

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