Pinewood has delivered a robust set of interims, reflecting the broad strength of the proposition in a growing end-market and the upside from various strategic initiatives. We push through 5%-6% EPS upgrades today and formally move to a Buy with a target price of 530p. Given a 4 year EPS CAGR of at least 15%, we would strongly encourage investors to take a closer look at Pinewood, and are available for 1:1 meetings to fully outline the key drivers of the investment case.
