Redde’s brief AGM statement outlines an in line Q1 performance. We do not make changes to our forecasts ahead of the key Winter trading period, and will review our estimates at the HY update in December. We believe that the valuation – 9x fwd PER and 10%+ dividend yield – remains at too great a discount, with the recent contract loss overplayed against a backdrop of developing relationships. A 12x fwd PER would point to a 160p/share intrinsic value, with an accompanying 7% yield.
