The acquisition of ET Clay Products maintains the strategy of finding accretive deals which broadens the spectrum of its offering and expands its supply base, through new access to a range of overseas manufacturers. The £11.6m consideration represents a takeout multiple of 3.9x historic EBITDA and is immediately earnings enhancing. At the headline level we increase FY23E EPS by 3.5% to 10.6p and FY24E EPS by 7% to 11.2p. The share price continues to be weighed down by negative sentiment towards ....
