Halma PLC

HLMA: XLON (GBR)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	GBX 2,528.00	Tvtxpr	Hzjzctryy

We Are Not Surprised by Halma Raising Guidance After Strong First Half; Shares Are Fairly Valued

Matthew Donen

Sep 30, 2021

Narrow-moat Halma raised full-year guidance in a brief trading statement following a strong start to the first half of its financial year. The group expects full-year profit to be slightly ahead of previous guidance of low-double-digit organic constant-currency growth. We aren’t surprised by the revision and had baked a strong recovery into our expectations following a decline in organic sales in the prior year due to the coronavirus pandemic. We maintain our GBX 2,200 fair value estimate and view shares as fairly valued.

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