REA is undergoing a strategic reset in which the group is simplifying the portfolio, improving financial flexibility and preparing to convert several years of investment into better cash generation. The disposal of CDM in 2025 removed a peripheral asset, releases associated guarantee exposure and leaves the group’s own plantation base fully RSPO certified, while the refinancing of Indonesian bank facilities and the subsequent actions on the sterling and dollar notes materially improve the debt maturity profile and reduce near-term balance-sheet pressure. We see a convergence of production recovery, balance sheet deleveraging, and a local infrastructure boom as catalysts for a material re-rating over 20262028. We initiate with a target price of 205p.