Costain's 7% share price rise yesterday confirmed that the removal of the dividend parity arrangement marked a key milestone, supported by management's intention to move dividend cover to 3x and leading to us upgrading DPS by more than 50% in FY25E and FY26E. Coupled with the proposed £20m FY26 share buyback programme, double the FY25 amount, we believe the implied total shareholder yield is compelling at over 7% on the current share price and our forecasts. Confirmation that the FY25 margin run ....
