The group has announced the acquisition of PRP Optoelectronics for a net consideration of £9.3m. The acquisition looks a strong fit while offering entry into some new growth markets in avionics, defence and industrial applications. The acquisition is expected to have complementary products and some synergies, and is forecast to be EPS enhancing in its first full year. We raise our FY27E EPS by 7.6%, placing the group on an attractive FY27E P/E of 10.4x. Our 140p target price indicates significan ....
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