The group’s brief 3Q trading update points to a resilient performance, with continued focus on self-help levers to improve margins, while some market challenges remain. It confirms it is on track to achieve FY26 results in line with existing market expectations. We therefore make no change to our forecasts and retain our 110p target price. The share price currently offers good value, trading at a 46% discount to its peers and on a FY27E P/E of 8.7x; together with significant medium-term potentia ....
