We update our forecasts and valuation for strong full year results last week, and a generally positive outlook. Playing a bit of catch-up, we lift FY26-27E revenue on average by 3.2% and adjusted operating profit by 23.5%. We estimate that cash conversion will continue to improve, and with lower restructuring costs and capex we expect the bank leverage ratio to remain well within the guided range of 1-2x. The orderbook and new product pipeline are healthy; and margin improvement should continue. ....
