JN_Wealth_Management
Long

Howden Joinery - Throw the kitchen sink at it?

LSE:HWDN   HOWDEN JOINERY GROUP PLC ORD 10P
Technical
Howden Joinery looks interesting on a technical basis. The shares shot higher to new highs following a bullish update to the market. We have since seen the share price unwind to some sensible levels as the overall market continues in this condolidaiton phase. The shares have reached a confluence of Fibonacci support levels, which I have highlighted on the chart. We have seen buying interest emerge and a gap higher in price to break out of a consolidation wedge . The overall trend remains bullish and a move to new highs is expected.

Fundamentals
The UK’s leading manufacturer and supplier of fitted kitchens, appliances and joinery products has been paying dividend yields of around 2.5%. Howden ended the reporting period with net cash of £217.1m, which makes its forward P/E multiples of around 14-15 look attractive.

Stop: 505p
Target: 600p
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