In this note Zeus look at the current valuation of the Trifast business and the potential to unlock equity value in a relatively short space of time. On this basis, Trifast shares appear fundamentally undervalued. We derive a price target of 102p (+33% upside) based solely on returning the working capital commitment of the business back in line with historic levels. Factoring in a conservative DCF and peer group analysis gives an average valuation of 103p. Our medium term, Blue Sky analysis, ass ....
