An excellent set of interim results with trading comfortably back above pre pandemic levels and a strong start to H2. Significant investment remains underway to support sustained sales growth and mid-teens margins, with good progress YTD. Prudence / wider supply chain risks means we make no forecast changes, but the risk remains on the upside. Overall, Portmeirion is firmly moving in the right direction and the shares are attractively valued on a FY22 P/E of 11x and 6x EV/EBITDA with a strong balance sheet. Our analysis supports fair value of 840p.
