Spirax-Sarco: a curiously reliable industrial giant
Spirax-Sarco is one of only a handful of high quality UK companies which has managed to sustain organic revenue growth and high margins even in times of economic distress. But is the company a buy at more than 30 times forward earnings or will its lofty rating eventually cause a blip in the seemingly unstoppable share price?
Many of the UK’s most obviously excellent businesses are consumer facing. Diageo and Unilever, for example sell products which everyone can relate to. The strength of their brands makes their products recognisable, to ensure customers keep coming back. But customers are also fickle, tempted not only by the brands, but by their prices, tastes, smells and competition.
Most people would be hard pressed to identify a Spirax-Sarco (LON: SPX) product – the company specialises in industrial heating…
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