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27 Sep 2023
Strong interims reinforce growth thesis; TP raised to 56p

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Strong interims reinforce growth thesis; TP raised to 56p
Chapel Down Group plc (CDGP:LON) | 42.0 -0.2 (-1.2%) | Mkt Cap: 72.0m
- Published:
27 Sep 2023 -
Author:
Sahill Shan -
Pages:
3 -
An excellent set of interims with delivery of strong double-digit revenue and EBITDA growth. There is good growth across key channels and further evidence of market share gains. Positive momentum has continued into Q3. An exceptional harvest is signalled as is active consideration of a listing on AIM. We make some forecast changes, lifting sales but conservatively maintain profit numbers. We reiterate our Buy and lift our TP to 56p (vs 52p). Recent sector M&A underpins our conviction in CDGP’s equity story.