The group’s FY results are in line with expectations, but have been somewhat superseded by the acquisition of Hayward Tyler (HTG), which gives greater scale and transforms prospects, albeit requiring some “heavy lifting” to restore HTG profitability. We have re-introduced forecasts, using conservative parameters, which could provide some upside. We consider the shares have several strong potential drivers over the next few years. Our price target of 272p is based on an EV/EB ....