Genuit Group Share Price Forecast July 2021 – Time to Buy GEN?

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Shares of plastic piping systems manufacturer Genuit Group (LSE: GEN) are in the green at the moment of writing (July 23 10:15 UTC+1) as the price has been going up continuously for the last few days. It makes investors wonder if this is the right time to pick GEN shares.

Genuit Group – Technical Analysis

The financial statement released by Genuit Group, the company has a market cap of £1.542B with total assets worth £699.8M. The revenue of the company was £398.60M in 2020 compared to £447.60M in 2019. The market is open at the moment of writing at £637 with an uptrend of 0.16%.

According to the technical information of GEN, Moving Averages like Exponential Moving Average (10)(626), Simple Moving Average (10)(628), Volume Weighted Moving Average (20)(620), and Simple Moving Average (20)(621) are pointing towards a buy action. Oscillators like Stochastic RSI Fast (3, 3, 14, 14)(81), Williams Percent Range (14)(-21), and Bull Bear Power (25) are being neutral, while MACD Level (12, 26) is pointing towards buying.

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Recent Developments

Genuit Group was formerly known as Polypipe. In February 2021, Polypipe Group announced that it would acquire London Topco i.e. Adey from LDC and other shareholders for £210M. During the same month, the company issued 18,704,085 shares and raised about £96.3M.

In March 2021, Polypipe Group reported a decline in Attributable profit for 2020 due to the Covid-19 pandemic. Attributable profit dropped to £18.5M or £0.084 per share in 2020 while it was £49.6M or £0.25 per share in 2019. The board raised its dividend to £0.048 per share, which was up 20%.

Polypipe Group became known as Genuit Group on April 6, 2021. The group stated during May that it expects stronger revenue growth this year which may lead to underlying operating profit for the last six months to be near the top end of the latest consensus. According to the company, the current profit consensus is somewhere between £80M and £88M. Revenue of the first four months of the year is £193M, which is a lot more than £122.7M in 2020 and £146.6M in 2019.

Should You Buy GEN Shares?

From an investor’s point of view, it is important to consider both risks and rewards before buying a share. GEN shares are performing a lot better compared to the last year and the prices are going up continuously within just the first half of 2021. You can get more insight from the technical information. All Moving Averages are pointing towards buying, while oscillators are either being neutral or pointing towards a buy action. So, it may be a good time to purchase GEN shares.

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