As part of its PIE strategy, the group has announced the disposal of Peter Brotherhood for £30.6m, a 4x gross return on its investment and a good demonstration of how the PIE strategy realises value for shareholders. Proceeds will be used to reduce debt, fund investment in newly acquired Magnetica and also enable new potential M&A opportunities. The disposal is EPS-neutral gaining cash worth 71p per share resulting in a PT of 416p (up from 345p), with further opportunities for potential EPS upsi ....
