Hardman & Co Research: The 600 Group (SIXH): Acquisition of CMS attractive and EPS-enhancing

Hardman & Co Research: Acquisition of CMS attractive and EPS-enhancing

The Control Micro Systems Inc (CMS) acquisition (US) is strategically attractive. Trading remains good, with a healthy and improved order book, and growth enhanced by new product launches and new market entry. The group remains competitively well positioned, with a world-class reputation in machine tools and laser marking. The shares stand at a discount to the peer group and to a DCF valuation, and offer an appealing yield.

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