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Nov 17 2023, 08:35 GMT
Hill & Smith (HILS) has acquired United Fibreglass for $14m, adding new composite technology and capacity to its existing disruptive and fast growing US Composites offering. It has paid what looks to us to be a fair 7.8x EV/EBIT for this private transaction. HILS management knows the business well, and we see it as a good geographic and strategic fit. We upgrade our FY24E EPS by 1%.