Kitwave has issued a brief but broadly reassuring YE update. We make four key points: (1) while no headline numbers are given, the full-year outcome is reported as in line with market expectations this should be taken well; (2) Creed integration is ahead of schedule and the South West depot is stabilised; (3) CFO David Brind will retire and long-time deputy Mark Earl will succeed; (4) We modestly trim FY26/FY27 adj. EBIT (~-1.5%) to reflect consumer caution. We move from Buy to Hold and lift 12m TP to 300p (vs 270p). Trading on a FY26 7x P/E, 5x EV/ EBITDA with an attractive 9.5% FCF yield and 5.5% DPS yield, the shares are oversold and should outperform on a 12m view.
