Our GARP screen is still proving a tough nut to crack, which is perhaps indicative of where we are in the economic and market cycles.
- Only two FTSE All-Share firms – packaging specialist Macfarlane (MACF) and recruiter Page Group (PAGE) – pass all our growth at right price criteria.
- There are only seven tests targeting just smaller companies. These are applied to companies included in the FTSE All-Small Companies Index (which has some overlap with the All-Share) and Aim shares. Macfarlane again is the only company listed on the main market to pass all small company tests. On Aim, just Sylvania Platinum (SLP), scores 7/7.
- What this screen highlights, is the challenge in finding good companies positioned for growth without being too expensive. Currently, companies with a degree of cyclical risk are coming out on top, which is reason to be cautious.
