Shares in Matrix Composites & Engineering have risen fourfold since floating just over 12 months ago, yet expected earnings growth of 60 per cent in 2010-11 has kept the shares on a modest forward multiple of 11.5.
Matrix Composites & Engineering listed on the ASX just over 12 months ago, and it has been one of the most successful floats during that period – in terms of both share price accretion and prospectus outperformance.
The company’s shares have increased fourfold since closing at $1.36 on the day the company started trading. However, it still appears to offer reasonable value on a multiple of 11.5 times the consensus earnings per share forecast for 2010-11.
