Tyman - Focus on strategic progress and position

Headline earnings growth was modest in 2018 but, in our view, steps taken during the year reinforced and extended the group's strong strategic positioning in its leading markets. Our estimates are modestly lower and more in line with consensus now, we believe. The current valuation - with single-digit P/E multiples - looks unduly bearish and we continue to expect that the company will outperform its underlying markets.

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