Trifast is a leading manufacturer and distributor of industrial fasteners and components. Ongoing management action is transforming the value creation proposition, with a more targeted growth strategy and clear path to doubling EBIT margins to c.10% over the medium-term (from FY23 lows). Our view is that ongoing strategic progress and ambition are not reflected in the current valuation (FY26e 11.2x PER, 5.8x EV/EBITDA). Our forecasts show 15% EBIT CAGR and 33% EPS CAGR FY25-FY28e, which alone warrants a positive recommendation, but we also see scope for a re-rating as the market recognises improved returns. We initiate with a BUY and 120p TP (13x CY26e PER).
