GOODWIN (GDWN) – INDUSTRIALS
| Price: £216 -3.6% | P/E: 20.5x |
| Market Cap: £1.65bn | Yield: 1.9% |
For the first time we can recall the Goodwin family have sold shares, which has inevitably raised questions over the company’s valuation.
No price was mentioned, but 122,368 shares representing 1.6% of the capital changed hands with Redburn acting as sole bookrunner.
The sellers have agreed to a 180-day lock-up period, meaning they can’t sell any more shares for roughly six months.
Our View
Considering Goodwin shares were up 175% year-to-date before today’s news, and in light of rumours around potential changes to the UK tax regime in the upcoming Budget, you can hardly blame one or two family members for taking some money off the table at these levels.
We have never been able to get our heads round the valuation, especially when the growth rate isn’t that great.
Read the press release here: https://www.goodwin.co.uk/investors/
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