FY25 results were slightly ahead of our expectations, illustrating a transformational year for the group, with sole focus now on its livestock supplements products. The group is a compelling investment: it offers a leaner central cost structure, combined with some recovery in the underlying N American market and now growth augmented by opening the strategically important S American market via the EPS-enhancing acquisition of Macal in Brazil. We upgrade our EPS forecasts by 13.4% in FY26 and intr ....
